July 31--Construction and mining equipment maker Caterpillar Inc. announced it has entered into definitive agreements to purchase a total of $2.5 billion of its common stock under accelerated stock repurchase transactions, according to a media release. In January, the company announced a similar $1.7 billion transaction, which was completed in March.
Caterpillar has an 1.5 million-square-foot Caterpillar Logistics Services distribution center off Hoke Road in Clayton.
"Caterpillar has invested more than $30 billion in capital expenditures, research and development, acquisitions and other growth initiatives since 2009, highlighting our commitment to our customers," said Caterpillar chairman and chief executive Doug Oberhelman, in a statement.
"Repurchasing an additional $2.5 billion of Caterpillar stock in the third quarter of 2014 will bring our total 2014 stock repurchases to $4.2 billion. This, combined with the 17 percent increase in our quarterly dividend announced in June, clearly shows how we are taking advantage of our strong cash position to deliver superior returns to stockholders," Oberhelman said.
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