Boeing

(BA) - Get Report

said Monday its board has authorized the repurchase of up to 85 million shares, about 10% of shares outstanding, and raised the company's quarterly dividend.

The Seattle-based aircraft manufacturer said the new dividend is 17 cents a share, up from 14 cents, a 21% rise. The higher dividend is payable March 2, 2001, to shareholders of record on Feb. 9, 2001.

Boeing also said it is completing a previous 146 million-share repurchase program that began in August 1998. For both programs, shares are repurchased on the open market or in privately negotiated transactions and are used for general corporate purposes, including employee stock benefit plans.

Shares of Boeing were lately down 44 cents, or 0.63%, to $69.50 in trading on the

New York Stock Exchange

.