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Northrop Increases Share Buyback Plan to $2B; Wes Bush Comments

Northrop Grumman‘s (NYSE:NOC) board of directors has approved an increase in the company’s outstanding share repurchase authorization to $2 billion in common stock, the company announced Wednesday.

The company reported it had 248 million shares outstanding and $1.1 billion remaining on its share repurchase authorization as of June 30, 2012.

Chairman, CEO and President Wes Bush said the company is carrying out a cash deployment strategy that includes distribution of cash to shareholders through share repurchases and dividends.

At management’s discretion, the company will repurchase shares in either the open market or privately transactions depending on market conditions, the company said.

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