By Denny Jacob
Engineered components manufacturer ITT’s board approved a $1 billion share repurchase authorization with an indefinite term.
The Stamford, Conn.-based company said Wednesday repurchases under this authorization will begin upon the expiration of the current $500 million authorization.
“The repurchase plan is aligned to ITT’s long-term capital deployment priorities and allows our shareholders to benefit from the robust balance sheet and strong financial position of the company,” said Chief Executive Luca Savi.
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