CARLSBAD, Calif., July 31, 2012 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced that its Board of Directors has approved a share repurchase program, authorizing the company to purchase up to $750 million of its common stock. This is in addition to the approximately $62 million remaining as of July 31, 2012 from the existing share repurchase authorization of $200 million approved in July of 2011.
"We remain committed to a balanced capital allocation program that includes returning a significant portion of our free cash flow annually to investors and using the remaining cash flow to support strategic opportunities in key franchises and expansion into new markets," said Gregory T. Lucier, chairman and chief executive officer of Life Technologies. "In 2012, we have already spent $335 million to repurchase shares and are committed to executing on this new authorization beginning in the second half of 2012."
The share repurchase program may use open market and/or private transactions. The timing of the purchases will be subject to management evaluation of current market conditions, applicable legal requirements and other factors.
The company intends to finance the share repurchase program through available cash and, if needed, its revolving credit facility.
About Life Technologies Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company with customers in more than 160 countries using its innovative solutions to solve some of today's most difficult scientific challenges. Quality and innovation are accessible to every lab with its reliable and easy-to-use solutions spanning the biological spectrum with more than 50,000 products for agricultural biotechnology, translational research, molecular medicine and diagnostics, stem cell-based therapies, forensics, food safety and animal health. Its systems, reagents and consumables represent some of the most cited brands in scientific research including: Ion Torrent™, Applied Biosystems®, Invitrogen™, GIBCO®, Ambion®, Molecular Probes®, Novex®, and TaqMan®. Life Technologies employs approximately 10,400 people and upholds its ongoing commitment to innovation with more than 4,000 patents and exclusive licenses. LIFE had sales of $3.7 billion in 2011. Visit us at our website: www.lifetechnologies.com.
Safe Harbor Statement This press release includes forward-looking statements about our anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.