Zimmer Holdings to repurchase $1 billion in common stock

By Angela McDaniels

Seattle, Dec. 15 - Zimmer Holdings Inc. said its board of directors has authorized the repurchase of up to $1 billion of its common stock through Dec. 31, 2007.

Repurchases under the program will be made in the open market or in private transactions in compliance with Securities and Exchange Commission regulations, depending on market conditions and other factors.

Proceeds will be used for general corporate purposes, the company said.

Zimmer had roughly 247.8 million shares of common stock outstanding as of Tuesday.

"Based upon the repayment of our Centerpulse and Implex acquisition debt, we believe share repurchases are currently an appropriate way to take advantage of our continued strong cash flow," Zimmer chairman, president and chief executive officer Ray Elliott said in a company news release.

"As we have said, we will continue to look for strategic acquisitions that meet our demanding criteria, but this share repurchase program gives us another option to deploy cash with the expectation of building shareholder value."

Headquartered in Warsaw, Ind., Zimmer designs, manufactures and markets orthopedic surgical products.

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