Shares in Linde PLC (NYSE:LIN) climbed Monday after the UK-based industrial gas and engineering company announced its board had authorized a share repurchase program for up to $1 billion of its ordinary shares.
Under the program, Linde PLC may acquire up to 5% of its currently outstanding 551 million shares in the period for 10 December 2018 through to 30 April 2019.
Linde CEO Steve Angel said the company was “well-positioned” to reward shareholders through the firm’s first share buyback program.
"This initial program for 1 billion will allow us to immediately take advantage of an opportunistic time for stock repurchases until we formally communicate a comprehensive capital allocation policy in the first quarter," said Angel.
"With a strong balance sheet and excess free cash flow, the company is well-positioned to reward shareholders through this first share buyback program. I remain highly confident that Linde PLC will deliver substantial value to all stakeholders," he added.
Linde was formed in October 2018 when Praxair and Linde AG came together.
The company offers oxygen, nitrogen, argon, rare gases, carbon monoxide, carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene, shielding gases, and distributes systems for gas applications. It also offers pharmaceutical and medical gases and services to the healthcare industry.
Contact Uttara Choudhury at [email protected]