Rockwell approves $1 billion stock repurchase

Industrial Distribution staff -- Industrial Distribution, 2/7/2007 12:58:00 PM

The board of Rockwell Automation Inc. authorized the repurchase of an additional $1 billion worth of its own stock.

The move follows a pair of stock buyback plans that allowed for the repurchase of a total of 12 million shares. Both of those programs have been completed.

The current plan would allow the automation controls manufacturer to repurchase more than 16 million shares at its Feb. 6 closing price of $62.42.

Milwaukee-based Rockwell recently completed the $1.8 billion sale of its Reliance Electric Co. business to Baldor Electric Co., a manufacturer of electric motors, drives and generators based in Fort Smith, Ark.

The sale fueled a near tripling of Rockwell’s first-quarter profits, sending its net income of $429.1 million, compared with $145.7 million for the same period last year.

The company also recently announced its purchase of ProsCon Holdings Ltd., an engineering company based in Cork, Ireland.

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