Caterpillar Completes Stock Buyback Transaction

Published 01/30 2014 07:21PM

Updated 01/30 2014 07:25PM

Caterpillar announced Thursday it has entered into a definitive agreement with Citibank to purchase about $1.7 billion of its common stock under an accelerated stock repurchase transaction. This is in addition to the $2 billion stock repurchase in 2013. Caterpillar Chairman and CEO Doug Oberhelman said the strength of the company's balance sheet and record 2013 operating cash flow enable the company to complete the buyback. This repurchase is in addition to the new $10 billion stock repurchase program announced earlier this week.

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