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Newell Brands Board Expand Share Repurchase Authorization By $2.5 Bln

Newell Brands Inc. (NWL) said its Board of Directors has approved an expansion to the company's stock repurchase authorization. Under the expansion, the company is authorized to expend $2.5 billion for repurchase of its outstanding shares through December 31, 2019.

The company noted that the authorization is incremental to the approximately $1.1 billion remaining under its previously announced authorization, which has been amended by the Board, so it now also expires on December 31, 2019. The total share repurchase authorization is now about $3.6 billion.

Under the program, the company's common shares may be purchased by Newell Brands through a 10b5-1 automatic trading plan, discretionary purchases on the open market, accelerated share repurchase arrangements, in privately negotiated transactions or any combinations thereof.

The amount and timing of any purchases will depend on factors including trading price, trading volume and general market conditions.

Newell Brands said it continues to anticipate after-tax proceeds of about $10 billion from asset divestitures planned as part of the company's Accelerated Transformation Plan. The company added that proceeds will be applied to deleveraging and share repurchase.

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