Crown Holdings To Buy Back Up To $2 Bln Shares, Declares Dividend; Stock Up In Pre-market

(RTTNews) - Crown Holdings, Inc. (CCK), a supplier of rigid packaging products, announced Monday that its Board of Directors authorized the repurchase of an aggregate amount of up to $2.0 billion of Company stock through the end of 2027.

The company also declared quarterly dividend of $0.25 per share, payable on August 29 at record date on August 15.

In pre-market activity on the NYSE, Crown shares were gaining around 2.7 percent to trade at $87.95.

The new authorization, which supersedes the previous authorization announced in 2021, reflects the company's strong balance sheet and cash from operations. It allows investment in the business and return of cash to its shareholders.

TimothyDonahue, Chairman, President and Chief Executive Officer, said, "Share repurchases are an integral part of our longer-term capital allocation strategy. We will continue to remain disciplined stewards of capital as it pertains to investing for growth, returning capital to shareholders, and lowering our debt as we seek to reduce net leverage to 2.5 times."