ST. LOUIS, June 6, 2013 /PRNewswire/ -- Monsanto Company (NYSE: MON) announced today that its Board of Directors has approved a new three-year share repurchase program and declared a quarterly dividend.
Monsanto's board authorized a new share repurchase program, effective July 1, 2013, for up to $2 billion of the company's common stock over a three-year period. The new program will commence at the completion of Monsanto's existing $1 billion share repurchase program, which was effective beginning in July 2012.
The Board of Directors also declared a quarterly dividend of 37.5 cents per share on the company's common stock. The dividend relates to the company's third quarter of its 2013 fiscal year and is payable on July 26, 2013 to shareowners of record on July 5, 2013.
"The strong business performance we've achieved has allowed us the opportunity to evolve our cash deployment approach as we look to return more value to our shareowners," said Pierre Courduroux, chief financial officer for Monsanto. "As we continue to grow our global business, we will use the strength of our cash position to both grow our business through investments, as well as returning cash to shareowners in the form of dividends and share repurchases."
Monsanto will release its third-quarter earnings on Wednesday, June 26.
About Monsanto Company
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy. To learn more about our business and our commitments, please visit: www.monsanto.com. Follow our business on Twitter® at www.twitter.com/MonsantoCo, on the company blog, Beyond the Rows at www.monsantoblog.com, or subscribe to our News Release RSS Feed.
Cautionary Statements Regarding Forward-Looking Information:
Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits and the previously-announced SEC investigation; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent Form 10-K Report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.
Media: Sara Miller (314-694-5824)
SOURCE Monsanto Company