Zimmer Holdings Board Authorizes New $1 Billion Share Buyback

Warsaw, IN-based Zimmer Holdings announced that its board authorized a new $1 billion stock buyback program.

The new program, which lasts until Dec. 31, 2008, adds to the $1 billion buyback program announced in December 2005 by the orthopedic device manufacturer. About $365 million is still authorized under the old program, which expires Dec. 31, 2007.

The company had about 238.6 million shares of stock outstanding as of Oct. 27. Shares of Zimmer rose 94 cents to $77.13 in Tuesday afternoon trading on the New York Stock Exchange.