Clorox (CLX) Approves $2B Buyback

The Clorox Company (NYSE: CLX) today announced its board of directors has authorized the company to repurchase its stock in the open market for an aggregate purchase price of up to $2 billion. This stock repurchase program is designed to return value to Clorox stockholders and is in addition to the company's evergreen repurchase program to reduce or eliminate dilution in connection with issuances of stock under the company's stock incentive plans. It replaces the company's existing $750 million open market repurchase program.

"The company is initiating this stock repurchase program, which demonstrates our commitment to driving value for our stockholders while maintaining a strong balance sheet," said Chairman and CEO Benno Dorer. "Importantly, the program reflects our confidence in our 2020 Strategy and our continued ability to generate strong cash flows."

With this program, the company anticipates maintaining a debt to EBITDA ratio within its targeted range of 2.0-2.5 times. Repurchases may be made at the company's discretion from time to time on the open market depending on market conditions. The repurchase program has no time limit, does not obligate the company to make any repurchases and may be suspended for periods or discontinued at any time.

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