Agilent Technologies Inc. (NYSE: A) today announced that its board of directors has approved a new share repurchase program. The 2023 program authorizes the purchase of up to $2 billion of the company’s common stock.

“Agilent is committed to balanced capital deployment that drives growth and helps deliver strong returns for shareholders,” said Bob McMahon, Agilent chief financial officer. “This share repurchase program is a key element of that strategy.”

The new program will begin March 1. Upon commencement, the new repurchase program replaces Agilent’s existing stock repurchase program, which authorized the repurchase of shares to reduce or eliminate share dilution from equity programs.

The number of shares to be repurchased and the timing of any repurchases will depend on factors such as the stock price, economic and market conditions, and corporate and regulatory requirements. The stock repurchase program may be suspended or discontinued at any time.