ST. LOUIS, June 9, 2010 /PRNewswire-FirstCall/ -- Reaffirming its continuing effort to deliver value to shareowners, Monsanto Company (NYSE: MON) announced today that its Board of Directors has approved a new three-year share repurchase program and declared a quarterly dividend.
Monsanto's board authorized a new three-year share repurchase program, effective July 1, 2010, for up to $1 billion of the company's common stock.
The Board of Directors also declared a quarterly dividend of 26.5 cents per share on its common stock. The dividend relates to the company's third quarter of its 2010 fiscal year and is payable on July 30, 2010 to shareowners of record on July 9, 2010.
Monsanto executives have said the company is positioned for earnings growth in the mid-teen percentages beyond the current fiscal year. The company also has said it is working on a revitalized product strategy to bring more choices to farmer customers, offering them the premium opportunity the company's products create.
Monsanto recently announced it expected to complete its existing $800 million share repurchase program by the end of its fiscal year, more than a full year ahead of plan. That program began in December 2008, following the completion of a previous $800 million share repurchase program.
Monsanto will release its third-quarter earnings on June 30.