Rockwell Automation approves $1B buyback

MILWAUKEE

Rockwell Automation approved a $1 billion buyback and raised its quarterly dividend by 11 percent Friday.

The industrial machinery maker said Friday that the buyback is in addition to an existing $1 billion repurchase program.

The quarterly dividend of 47 cents per share will be paid on Sept. 10 to shareholders of record on Aug. 13.

In April Rockwell Automation reported that its fiscal second-quarter profit rose less than a percent, as a higher tax rate and other costs offset a sales increase.

Shares of Rockwell Automation Inc., based in Milwaukee, gained 24 cents to $69.40 in morning trading.