8/5/2013 8:59:00 AM
NEWS BRIEF

Illinois Tool Works Inc. announced that its board of directors approved a new share repurchase program that authorizes management to buy back up to $6 billion of the Company’s common stock over an open ended period of time. The full authorization represents approximately 81 million shares based on ITW’s closing share price on August 1, 2013.

The Company’s existing share repurchase authorization of $4 billion was announced in May of 2011 and has approximately $1.2 billion remaining in that program as of June 30, 2013.

The board also authorized a 10.5% increase in the dividend payout to shareholders, representing a quarterly increase of $0.04 per share―or $0.16 per share annually—versus the current dividend rate. Regular quarterly cash dividends will now total $0.42 per share or $1.68 per share on an annual basis.

The dividend will be paid on October 8, 2013 to stockholders of record as of September 30, 2013. ©2013 GlobalFastenerNews.com

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