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|Stryker Announces Additional $500 Million Share Repurchase Program and Declares 18% Increase in Quarterly Dividend|
Kalamazoo, Michigan - December 7, 2011 - Stryker Corporation (NYSE:SYK) announced today that its Board of Directors has increased its dividend 18% by declaring a quarterly dividend of $0.2125 per share payable on January 31, 2012, to shareholders of record at the close of business on December 29, 2011.
Stryker also announced today that its Board of Directors has authorized the Company to repurchase an additional $500 million of its common stock. The manner, timing and amount of any purchases will be determined by the Company's management based on their evaluation of market conditions, stock price and other factors and will be subject to regulatory considerations. Purchases may be made from time to time in the open market, in privately negotiated transactions or otherwise.
Over the past four years Stryker has returned approximately $2.9 billion of capital to shareholders consisting of approximately $850 million of dividends and approximately $2.0 billion of share repurchases. In 2011, the Company has paid approximately $280 million of dividends and has repurchased shares worth approximately $625 million as of December 7, 2011.
"With the 18% increase in our dividend along with the additional share repurchase authorization, we are demonstrating our commitment to maximizing shareholder value by leveraging our strong balance sheet and consistent cash flow generation," said Stephen P. MacMillan, Chairman, President and Chief Executive Officer of Stryker. "Although the macro environment remains challenging, we have continued to make sizable investments in R&D while further diversifying our revenue base through targeted acquisitions. Combined, these actions position us well to continue our history of delivering innovation and driving long term sales and earnings growth."
Stryker is one of the world's leading medical technology companies and is dedicated to helping healthcare professionals perform their jobs more efficiently while enhancing patient care. The Company offers a diverse array of innovative medical technologies, including reconstructive, medical and surgical, and neurotechnology and spine products to help people lead more active and more satisfying lives. For more information about Stryker, please visit www.stryker.com.
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