Snap-on Unveils Share Buyback Authorization

Snap-on, a provider of industrial machinery and equipment, said Monday it authorized a share repurchase program of up to $500 million of shares that replaces two previously approved share repurchase programs under which $116 million of authorization remained.

A third previously approved share repurchase program, which allows the repurchase of up to the number of shares issued under the company’s various equity plans, remains in place. Including the new authorization, total share repurchase availability currently stands at $501 million. The company will fund repurchases through a combination of available cash and debt.

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