has reached definitive agreements with Société Générale to purchase $2.5 billion of its common stock under accelerated stock repurchase transactions. In January the company announced a similar $1.7 billion transaction, which was completed in March.
“Caterpillar has invested more than $30 billion in capital expenditures, research and development, acquisitions and other growth initiatives since 2009, highlighting our commitment to our customers,” said chairman and CEO Doug Oberhelman. “Delivering on our commitments to our stockholders is also a priority for our company. Repurchasing an additional $2.5 billion of Caterpillar stock in the third quarter of 2014 will bring our total 2014 stock repurchases to $4.2 billion. This, combined with the 17 percent increase in our quarterly dividend announced in June, clearly shows how we are taking advantage of our strong cash position to deliver superior returns to stockholders.”
In January of 2014, the board of directors authorized the repurchase of $10 billion of Caterpillar stock, which will expire at the end of 2018.