Jan. 30, 2014
/PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) today announced it has entered into a definitive agreement with Citibank, N.A. to purchase approximately
of its common stock under an accelerated stock repurchase transaction. This repurchase is in addition to the
of stock repurchased in 2013.
"The strength of our balance sheet and record 2013 operating cash flow enable us to announce the completion of our current
stock repurchase authorization," said Caterpillar Chairman and CEO
. "This repurchase, combined with the new
stock repurchase program announced on
, affirms our commitment to deliver superior returns to stockholders through the cycles."
Pursuant to the agreement, Caterpillar expects immediate delivery of approximately 18 million shares based on current market prices. The final number of shares to be repurchased and the aggregate cost to Caterpillar will be based on Caterpillar's volume-weighted average stock price during the term of the transaction, which is expected to be completed in March of 2014.
The current transaction will complete the
repurchase authorization originally approved by Caterpillar's Board of Directors in 2007 and set to expire on
December 31, 2015
. In anticipation of the completion of the 2007 authorization, the company's Board of Directors approved a new
stock repurchase program, which will expire on
December 31, 2018
For nearly 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2013 sales and revenues of
, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Resource Industries, Construction Industries and Power Systems - and also provides financing and related services through its Financial Products segment. For more information, visit
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