Newell Rubbermaid authorizes stock repurchase

Newell Rubbermaid's board of directors has authorized a stock repurchase program.

The Sandy Springs consumer-goods company was authorized to buy $300 million worth of shares through August 2014.

The amount and timing of the purchase is subject to trading price, volume and market conditions, among other factors.

In a statement, Newell Rubbermaid president and CEO Michael Polk said the move affirms the board's confidence in the company's agenda.

"We are committed to investing in strategic initiatives to accelerate core sales growth and to reducing our outstanding debt," he said. "We believe the repurchase program offers an additional compelling opportunity to return value to our shareholders."

The company's stock rose more than 9 percent Friday, to $13.94 a share. Newell Rubbermaid products include Sharpie, Calphalon and Graco.

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