CHARLOTTE, N.C., Feb. 15, 2011 /PRNewswire/ -- The Board of Directors of Goodrich Corporation (NYSE: GR) today approved an increase to the company's existing Share Repurchase Plan to authorize the repurchase of up to an additional $500 million of the company's common stock, bringing the total authorization to $1.1 billion. The company has repurchased 8.9 million shares for a total of $537 million, from November 2006 through January 2011. The primary purpose of this plan is to offset dilution to existing shareholders from the company's stock-based compensation plans.
Repurchases under the program may be made through open market or privately negotiated transactions at times and in such amounts as management deems appropriate, subject to market conditions, regulatory requirements and other factors. The program does not obligate the company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. Shares repurchased under the program are expected to be held as treasury shares. As of January 31, 2011, Goodrich had 125,605,938 shares outstanding.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com
Forward-looking statements in this press release regarding the company's common stock repurchase program are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks. Actual results may differ materially due to, among other factors: market conditions, changes in the company's financial position, and other risks detailed in the company's filings with the Securities and Exchange Commission, including the Risk Factors identified in the Form 10-K for the fiscal year ended December 31, 2010.
The company cautions you not to place undue reliance on these forward-looking statements contained in this release, which speak only as of the date on which such statements were made. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.
SOURCE Goodrich Corporation