Eastman Kodak Co. today said it has completed the repurchase of some 7.4 million shares of company stock from the Kodak Retirement Income Plan, its defined benefit pension plan in the United States.
The $260 million transaction concludes the plan to eliminate KRIPâ€™s investments in specialty sector U.S. equities. The move was recommended by Wilshire Associates Inc., KRIPâ€™s consultants.
The move also completes Kodakâ€™s $2 billion share repurchase program, authorized by its board in December 1999.
Some $55 million of the $260 million purchase price was spent under a separate $2 billion share repurchase program approved in December 2000.
Robert Brust, Kodak chief financial officer, said the purchase should not be interpreted as a change in the companyâ€™s share repurchase strategy.
â€œWe have consistently indicated that our priorities for the use of cash are supporting the dividend, paying down debt, funding targeted acquisitions and share repurchase as appropriate,â€ Brust said.
Shares of Kodak (NYSE: EK) were down 2 percent, at $37.44 at 2:30 p.m.
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