DANBURY, Conn., July 28, 2010 — The Board of Directors of Praxair, Inc. (NYSE: PX) has authorized a new share repurchase program for up to $1.5 billion of its common stock, reflecting the company's strong balance sheet and free-cash-flow generation.
Repurchases may take place from time to time on the open market which may include the use of 10b5-1 trading plans or through negotiated transactions, subject to market and business conditions. The repurchases will be financed by available cash and debt. The current $1-billion program in effect since July 2008 has been substantially completed.
"This new program reflects our confidence in the long-term growth prospects for our business, and our commitment to increasing shareholder value," said Steve Angel, chairman and chief executive officer. "Our first investment priority will continue to be profitable growth projects. Due to our high return on capital, we expect to generate operating cash flow well in excess of our capital requirements."
The board of directors also has declared a quarterly dividend of 45 cents per share, unchanged from the previous quarter. The dividend is payable on September 15, 2010 to shareholders of record on September 7, 2010.
The company will hold a teleconference to discuss second-quarter results this morning, July 28, at 11:00 a.m. Eastern Time, and may provide additional information regarding the share repurchase program. The number is (617) 597-5360 —Passcode: 79770262. The call also is available as a web cast at www.praxair.com/investors.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2009 sales of $9 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.
Susan Szita Gore