Monsanto speeds up $800 million share buy-back programme
21 Apr 2010
Monsanto is accelerating its $800 million share repurchase programme as part of its plans to create value for its shares. The company will spend the remaining $276 million to complete the buy-back this fiscal year, over a full year ahead of its original plan.
The buy-back programme was originally scheduled to end in December 2011.
"Our company's strong cash flow has enabled us to pull our planned share repurchase forward, and we think the time is right to complete this authorisation," said chief financial officer Carl Casale. "We see strong opportunities ahead for our business and view this as part of our commitment to delivering cash to shareowners -- whether through share repurchases or dividends," he added.
Earlier this month, as part of the company's second-quarter earnings announcement, Monsanto executives said the company is positioned for earnings growth in the mid-teen percentages beyond the current fiscal year.
As of the end of the second quarter, the current $800 million share repurchase programme was approximately half completed.
The share repurchase programme was announced in April 2008 and began in December of that year, following the completion of a previous $800 million share repurchase program.
Monsanto Company is the world's largest biotechnology company and a leading global provider of gene modified seeds and other technology-based solutions and agricultural products that improve farm productivity.