TOWSON, Md. (AFX) - Black & Decker Corp., a maker of power tools and home improvement products, said Thursday its board increased the company's stock repurchase program by 8 million shares, which represent more than 10 percent of its outstanding stock.
Year-to-date, the company bought back 4.1 million shares, using all of its prior repurchase authorization.
The company also declared a quarterly dividend of 38 cents per share, payable Sept. 29 to shareholders of record Sept. 15.
Black & Decker added 41 cents at $75.50 in after-hours trading. Shares closed down $1.66, or 2 percent, at $75.09 in the regular session on the New York Stock Exchange.
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