Baxter's board authorizes $1.5 billion share repurchase program

By Lisa Kerner

Erie, Pa., Feb. 15 - Baxter International Inc. announced Wednesday that its board of directors has authorized the repurchase of up to $1.5 billion of the company's common stock.

The company can repurchase about $250 million in common stock under its previous share repurchase program, which was authorized by the board in 2002, according to a company news release.

The new share repurchase program gives Baxter greater flexibility to repurchase shares.

Shares will be repurchased at times and amounts based on management's evaluation of market conditions and other factors. The company said repurchases will be made from time to time in the open market.

"Our strong cash position and balance sheet now provide us significant flexibility to both invest in our future growth, including acquisitions and other business development activities, and provide greater value to our shareholders through periodic share repurchases," corporate vice president and chief financial officer John J. Greisch said in the release. "We plan to do both in a balanced and disciplined manner."

Baxter, through its subsidiaries, assists health care professionals and their patients with the treatment of medical conditions, including cancer, hemophilia, immune disorders, kidney disease and trauma. The company has its headquarters in Deerfield, Ill.

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