Clorox Co. announced May 24 that its board has authorized the company to commence its stock repurchase program for an aggregate purchase price of up to $2 billion.
The new buyback program will replace the household products manufacturer's existing $750 million open market repurchase program.
The repurchase plan has no time limit and can also be suspended or discontinued at any time, the company said. With the buyback, Clorox expects to maintain its debt-to-EBITDA ratio within the range of 2x to 2.5x.
