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Harman International Industries, Incorporated (NYSE: HAR) today announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of the Company's common stock. This amount supplements the $70.7 million that remained as of the end of the third quarter under the Board’s previous authorization of $200 million repurchase originally announced in October 2011.
Dinesh C. Paliwal, HARMAN’s President, Chairman, and CEO, commented, "As our growth in the emerging markets and recent acquisitions demonstrate, we continue to make organic and inorganic investments that drive shareholder value. We also feel strongly about returning capital to our shareholders. We are pleased to announce this increase in our total share buyback after yesterday’s announcement of the doubling of our dividend for fiscal 2014. Given our strong balance sheet and projected cash flows, we believe that this two- pronged approach to cash distribution delivers excellent shareholder value.”