ATLANTA, Oct. 18, 2012 − The Board of Directors of The Coca‑Cola Company today authorized a new share repurchase program of 500 million additional shares of the Company's common stock. The new program will take effect upon the conclusion of the Company's current program, which began in 2006. This will not impact the Company's previously announced targeted range of $2.5 to $3.0 billion in net share repurchases this year.
The Board's authorization of the new share repurchase program builds on the Company's 28-year history of ongoing share repurchases.
"Our new share repurchase program reflects the Board's continued confidence in the Company's future performance and our long-term cash flow generation," said Muhtar Kent, Chairman and Chief Executive Officer.
"This new plan, combined with 50 years of consecutive annual dividend increases, underscores our continued commitment to delivering increased value to shareowners."
Separately, the Board of Directors today declared a regular quarterly dividend of 25.5 cents per common share. The dividend is payable Dec. 17, 2012, to shareowners of record as of Nov. 30, 2012.
The Coca‑Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca‑Cola, the world's most valuable brand, our Company's portfolio features 15 billion dollar brands including Diet Coke, Fanta, Sprite, Coca‑Cola Zero, vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle.
Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks.
Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.8 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system employees.
For more information, visit www.coca-colacompany.com, follow us on Twitter at twitter.com/CocaColaCo, or find us on LinkedIn at www.linkedin.com/company/the-coca-cola-company.