Waste Management announces plan to increase stock repurchases by up to $600 million

Houston-based Waste Management’s board of directors authorized the repurchase of an additional $600 million in stock, which brings the total amount authorized for 2007 repurchasing to $1.8 billion.

According to a press release, Waste Management has returned over $5 billion in cash to shareholders through its combined dividend and repurchase program from 2002 to 2006.

“This announcement reinforces our commitment to return free cash flow to our shareholders,” said David P. Steiner, CEO of Waste Management.