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Black & Decker Boosts Buyback

The company also adds a board member.
Author:

Black & Decker

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added Robert L. Ryan to its board and boosted its stock-buyback plan by 5 million shares.

The Towson, Md., toolmaker also declared a 28-cent regular quarterly dividend, payable Dec. 30 to shareholders of record Dec. 16.

Black & Decker said the share-buyback increase gives it the authority to buy back as many as 5.2 million shares. The company has repurchased 5.1 million shares this year.

Black & Decker said Ryan, 62 years old, was finance chief at medical device maker

Medtronic

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until his retirement this year. He is a director at

Hewlett-Packard

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and

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"We are extremely pleased to welcome Bob Ryan," said CEO Nolan Archibald. "With his broad business expertise and over 25 years of senior financial experience, Bob will be a valuable addition to our board and audit committee."

On Friday, Black & Decker shares rose $1.42 to $78.50.