Industrial gas supplier Praxair, Inc. said Wednesday that its board of directors authorized a $1.5 billion share buyback plan.
Praxair said the plan, which will be financed by cash and debt, is a sign of the company's balance sheet strength and free cash flow generation.
During the second quarter, cash flow from operations totaled $536 million.
The company has mostly completed a $1 billion buyback program in effect since July 2008.
The company also declared a quarterly dividend of 45 cents per share, the same as last quarter. The dividend is payable Sept. 15 to shareholders of record Sept. 7.
Company shares rose 53 cents to $86.36 at midday.
