Company Using Strong Cash Position to Deliver Return to Shareowners
Underscoring its commitment to returning value to its shareowners, Monsanto Company (NYSE: MON) announced today that its Board of Directors has approved a new three-year share repurchase program and declared a quarterly dividend.
Monsanto's board authorized a new share repurchase program, effective July 1, 2012, for up to $1 billion of the company's common stock over a three-year period. The new program will commence at the completion of Monsanto's existing $1 billion share repurchase program, which was effective beginning in July 2010.
The Board of Directors also declared a quarterly dividend of 30 cents per share on the company's common stock. The dividend relates to the company's third quarter of its 2012 fiscal year and is payable on July 27, 2012 to shareowners of record on July 6, 2012.
"The positive business results we've achieved to date in 2012 are translating earnings into cash, which creates the opportunity to reinvest in our business for growth and also enables us to return value to shareowners," said Pierre Courduroux, chief financial officer for Monsanto. "We continue to see strong long-term growth potential for our business and view share repurchases and dividends as key elements of our ongoing commitment to deliver value to the shareowners of our company."
Monsanto will release its third-quarter earnings on June 27.
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