Stryker Corp. (NYSE: SYK) announced that its Board of Directors has authorized a new $2 billion share repurchase program. The program is in addition to $583 million of existing authorization remaining under the Company's current share repurchase programs, bringing the Company's total share repurchase authorization to $2.583 billion.

"We remain committed to pursuing a capital allocation strategy that includes acquisitions, dividends and share repurchases," said Kevin A. Lobo, Chairman and Chief Executive Officer. "While M&A activity across the breadth of our product and service offerings will remain the primary focus of our long-term growth strategy, this new authorization recognizes that the strength of our balance sheet is sufficient to enable more significant share repurchases. We believe that efficiently deploying our balance sheet will enable growth in sales and earnings and maximize shareholder returns."

The share repurchases will occur at such times and prices as the Company determines and may be effected through transactions in the open market, privately negotiated transactions, accelerated share repurchase programs or otherwise.