Terex Corporation (NYSE: TEX) today announced that its Board of Directors authorized a new share repurchase program of up to $325 million. The Company completed its previous share repurchase program in the fourth quarter of 2017.

John L. Garrison, Terex President and Chief Executive Officer, stated, “During our Investor Presentation in December 2016 we committed to pursuing a disciplined capital allocation strategy that included the efficient returns of capital to shareholders through share repurchases of $1 billion to $1.5 billion through 2020. In 2017, we delivered on our commitment to follow our disciplined capital allocation strategy and returned $924 million to shareholders through share repurchases. Upon completion of today’s new $325 million share repurchase authorization Terex will have purchased $1.25 billion of its outstanding shares, achieving the mid-point of our range. Today’s announcement demonstrates our continued commitment to returning capital to shareholders and creating long-term shareholder value in conjunction with our Focus, Simplify and Execute To Win strategy.”

The timing of the share repurchase program will be based on available liquidity, cash flows and general market conditions. The repurchase program may be executed through various methods, including open market purchases.