ITT Exelis‘ (NYSE: XLS) board of directors has approved a plan to repurchase up to $100 million of its common stock over the next four years, the company announced Wednesday.
The company said the primary goal of the buyback initiative is to offset dilution from equity awards made byBudget Year the company.
Purchases can occur between Dec. 11, 2012 and Dec. 31, 2015 and the company said itInformation Technology will determine timing and number of common stock repurchases on market conditions and other factors.
Harris Corp. (NYSE: HRSHazard Ranking System) will buy back $200 million in shares after itInformation Technology completes the sale of its broadcast group to an affiliate of The Gores Group for $225 million.
The company already planned $200 million in share repurchases for fiscal year 2013 prior to announcing that transaction.