GO
Loading...

Rohm & Haas Approves $2 Billion Stock Buyback

Paint and chemicals maker Rohm & Haas said after U.S. markets closed Monday that its board approved a $2 billion stock buyback plan that will be executed in two stages.

Shares leaped about 12 percent on the news Tuesday.

The company said it will first launch an accelerated $1 billion buyback in the third quarter, which will be funded with new debt. Then, using available cash, the remaining $1 billion shares will be able to be repurchased in 2008 through 2010.

The company currently has about 216.7 million outstanding shares.

Rohm & Haas plans to execute the first stage of the program after completing an existing $1 billion stock buyback program.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Sproutling CTO and Co-founder Mathew Spolin discusses the hi-tech wearable band for your baby that can track their health and daily activity.

  • CNBC's Jon Fortt speaks to Brad Smith, Intuit president & CEO, about the company's platform shift into the cloud and how it will impact their customer base. Smith also breaks down the restructuring investments the company has made.

  • Kara Swisher, Re/code co-executive Editor, and the "Squawk Alley" crew, discuss the "growth at all costs" mentality at Salesforce.com. Swisher also weighs in on stock based compensation.