Lockheed Martin Announces Increase Of $1 Billion To Existing Share Repurchase Authority
BETHESDA, Md., August 23, 2011 --
Lockheed Martin Corporation [NYSE: LMT] announced that its Board of Directors has approved an interim increase to the amount available under the share repurchase program of up to $1 billion. The new authorization increases the current share repurchase program initiated in October 2010, which is expected to reach its limit prior to the next scheduled review of share repurchase authority. A new share repurchase program is expected to be considered by the Board of Directors this fall.
"We believe this additional share repurchase authorization is an effective way to deliver value back to our shareholders and is consistent with our commitment to return at least 50 percent of annual free cash to stockholders," said Bob Stevens, Lockheed Martin chairman and chief executive officer.
The dollar amount of shares purchased and the timing of purchases under the program are at the discretion of management. Shares may be purchased in the open market or in privately negotiated transactions.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.