Caterpillar repurchases $1.7 billion of common stock

By WEEK Reporter

January 30, 2014 Updated Jan 30, 2014 at 8:47 PM CDT

PEORIA, Ill. – Caterpillar will repurchase $1.7 billion of its common stock under an accelerated stock repurchase agreement with Citibank.

That is in addition to the $2 billion of stock the company repurchased in 2013.

"The strength of our balance sheet and record 2013 operating cash flow enable us to announce the completion of our current $7.5 billion stock repurchase authorization," said Caterpillar Chairman and CEO Doug Oberhelman.

The company's Board of Directors has also approved a new $10 billion stock repurchase program, which will expire on December 31, 2018.