Agilent Preps Verigy Split

SANTA CLARA, Calif. -- Agilent Technologies Inc. (NYSE:A - News) today announced that its Board of Directors has approved a share-repurchase program of up to $2 billion of its common stock over the next two years, bringing Agilent's total share repurchase commitment to $6.466 billion. In June, the company announced that it had completed its initial $4.466 billion share-repurchase program. The Board also approved the distribution by dividend to its stockholders of the 50 million ordinary shares of Verigy Ltd. that it owns. The shares represent all of the Verigy shares that Agilent owns and an approximately 85-percent ownership stake in Verigy. Agilent expects the distribution to occur on Oct. 31.

"Today's announcement regarding our share-repurchase program underscores our financial strength and ability to deploy cash to increase shareholder value," said Bill Sullivan, Agilent president and chief executive officer. "The upcoming Verigy distribution marks the completion of Agilent's transformation into the world's premier measurement company. We've created two solid companies with strong business models, poised to take advantage of market opportunities and increase shareholder value."

Agilent Technologies Inc. (NYSE: A)