Stryker Announces $250 Million Accelerated Share Repurchase Program
Kalamazoo, Michigan - March 1, 2013 - Stryker Corporation (NYSE:SYK) announced
today it has entered into an Accelerated Share Repurchase agreement (ASR) with
JPMorgan Chase Bank, NA to repurchase an aggregate of $250 million of the
Company's common stock. The ASR is part of the Company's existing share
repurchase authorization that was increased by the Board of Directors to $1.0
billion in December 2012.
"We continue to be committed to a capital allocation strategy that includes
acquisitions, dividends and share repurchases," said Kevin A. Lobo, President
and Chief Executive Officer of Stryker. "This accelerated share repurchase is
consistent with this strategy, which prioritizes acquisitions for sales growth
while simultaneously returning capital to shareholders."
Under the ASR agreement, Stryker will receive approximately 3.6 million shares
at the inception of the ASR. The total number of shares ultimately repurchased
under the agreement will be determined upon the final settlement, using prices
based generally on the average of the daily volume-weighted average price of the
Company's common stock over a period of time expected to end in the first half
of 2013. The ASR will be funded through existing cash on hand. The ASR will
reduce the Company's existing share repurchase authorization to approximately
$750 million at the final settlement of the agreement.
Stryker is one of the world's leading medical technology companies and is
dedicated to helping healthcare professionals perform their jobs more
efficiently while enhancing patient care. The Company offers a diverse array of
innovative medical technologies, including reconstructive, medical and surgical,
and neurotechnology and spine products to help people lead more active and more
satisfying lives. For more information about Stryker, please visit
www.stryker.com.
Contacts
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or
katherine.owen@stryker.com
This press release contains information that includes or is based on forward-
looking statements within the meaning of the federal securities law that are
subject to various risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied in such statements. Such
factors include, but are not limited to: weakening of economic conditions that
could adversely affect the level of demand for our products; pricing pressures
generally, including cost-containment measures that could adversely affect the
price of or demand for our products; changes in foreign exchange markets;
legislative and regulatory actions; unanticipated issues arising in connection
with clinical studies and otherwise that affect U.S. Food and Drug
Administration approval of new products; changes in reimbursement levels from
third-party payors; a significant increase in product liability claims; the
ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact
of investigative and legal proceedings and compliance risks; resolution of tax
audits; the impact of the federal legislation to reform the United States
healthcare system and the 2.3 percent medical device excise tax; changes in
financial markets; changes in the competitive environment; our ability to
integrate acquisitions, including the acquisition of Trauson Holdings Company
Limited; and our ability to realize anticipated cost savings as a result of
workforce reductions and other restructuring activities. Additional information
concerning these and other factors are contained in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Stryker Corporation via Thomson Reuters ONE
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Press Release $SYK Stryker Corporation