The FINANCIAL — BillionMotorola Solutions,announced that the Company’s Board of Directors authorized up to $1.0 billion in additional funds for use in the existing stock repurchase program through the end of 2012, from Motorola Solutions.
The Board also set April 30, 2012 as the date for its 2012 Annual Stockholders Meeting to be held in Washington, D.C. and set March 2, 2012 as the record date for determining shareholders entitled to vote at the Annual Stockholders Meeting.
This increase of up to $1.0 billion is in addition to the up to $2.0 billion announced in July 2011, raising the total authorization to up to $3.0 billion. After stock repurchases of approximately $1.1 billion through Dec. 31, 2011, Motorola Solutions will have up to approximately $1.9 billion for its stock repurchase program in 2012.
The Company said it may repurchase shares on the open market or in private transactions depending on market conditions, and that it expects to use existing cash and cash from operations for the repurchases.