Wabtec Increases Share Buyback Authorization to $150M; Increases Dividend to $0.03

Wabtec Corporation WAB today announced that the company has increased its share buyback authorization to $150 million and also increased its regular quarterly dividend to 3 cents per share, from 1 cent per share. The new dividend rate will be payable initially Aug. 31, 2011 to shareholders of record Aug. 17, 2011. The new share buyback authorization supersedes the previous authorization of $150 million, which had about $40 million remaining. The company intends to buy back shares on the open market or in negotiated or block trades. No time limit was set for the completion of the program, which qualifies under the company's credit agreement as well as the bond indenture for its currently outstanding debt.