Also Completed Repurchase of 2 Million Shares In 4Q07
NEW BRITAIN, Conn., Dec. 12 /PRNewswire-FirstCall/ -- The Stanley Works
(NYSE: SWK) announced today that its Board of Directors has adopted a
resolution authorizing the repurchase, from time to time, of up to 10
million shares of the company's common stock in open market purchases,
tender offers and privately negotiated transactions. The company has
approximately 80 million common shares outstanding today.
The company also reported that, during the fourth quarter, it
repurchased 1.97 million of its common shares in the open market for $100
million, an average price per share of $50.77. On a year-to-date basis, the
company has repurchased 3.64 million shares for $200 million, an average
price per share of $54.96, virtually completing its prior share
authorization.
John F. Lundgren, Chairman and Chief Executive Officer, commented: "Our
portfolio transformation strategy through a combination of organic growth
and targeted acquisitions, as well as our commitment to upper-tier credit
ratings, remain intact. Periodic share repurchases and consistent dividend
increases have long been important elements of the total return we deliver
to shareholders. This routine repurchase authorization increase affords us
continued flexibility going forward."
The Stanley Works, an S&P 500 company, is a diversified worldwide
supplier of tools and engineered solutions for professional, industrial,
construction and do-it-yourself use, and security solutions for commercial
applications. More information about The Stanley Works can be found at
http://www.stanleyworks.com.
The Stanley Works corporate press releases are available in the
Investor Relations section of the company's Internet web site at
http://www.stanleyworks.com.
SOURCE The Stanley Works
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Related links:
http://www.StanleyWorks.com
http://www.prnewswire.com/comp/874363.html /
CONTACT:
Gerry Gould, VP of Investor Relations of The
Stanley Works, +1-860-827-3833, ggould@stanleyworks.com
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