US imaging company Eastman Kodak has announced today that its Board of Directors has authorized a stock repurchase program totalling as much as $1.0 billion of the company’s outstanding common stock. At recent prices, the purchase of $1.0 billion of Kodak stock would represent approximately 25% of the shares outstanding.

 

The company also announced that it has received a tax refund from the U.S. Internal Revenue Service of $581 million.

 

Kodak plans to fund the majority of the stock repurchase program, which is authorized through the end of 2009, from the tax refund, with the remainder to come from available cash.