Fluor Corporation announced that the Executive Committee of the Board of Directors has authorized an increase in the Company’s existing share repurchase program by 10,000,000 shares, bringing the Company’s authorization for share repurchases up to approximately 17,400,000 shares, net of shares already repurchased. This authorization is conditioned on closing of the public offering of senior notes announced.
The Company has repurchased $143 million of shares to date in the fourth quarter of 2014, and plans to use a portion of the proceeds from the public notes offering to increase the amount of shares repurchased in the fourth quarter of 2014 to a total of $500 million. Using cash from operations, the Company plans to repurchase an additional $500 million in shares over the course of 2015, bringing total planned repurchases over the five quarter period to $1 billion.
