The distributor of facilities-maintenance products, which has previously been paying a quarterly dividend, said its board boosted that payout to 40 cents a share, payable June 1 to shareholders of record May 12.
Grainger also said directors authorized the repurchase of as many as 10 million of the company's approximately 77 million common shares outstanding.
Full exercise of the authorization at the stock's current price would cost Grainer about $870 million, and reduce the company's shares outstanding by 13 percent.
Buybacks under the new authorization will be made "from time to time," the company said, via open-market purchases and privately negotiated transactions.
jpmiller@tribune.com
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