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GE raises dividend
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December 14, 2001: 1:14 p.m. ET
Conglomerate also increases its buyback program, ups dividend 13 percent.
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NEW YORK (CNN/Money) - General Electric said Friday it has raised its dividend 13 percent and upped its share repurchase program by $8 billion to $30 billion during a tough year for shareholders of the nation's most valuable company.
The move, GE said, marks the 26th consecutive year of rising dividends, which the company has paid since 1899.
"(Friday's) increases, in both our dividend and our share repurchase program, signal our confidence in our ability to extend this track record of returning value to shareowners," GE Chairman and CEO Jeff Immelt said in a statement.
Shares of GE (GE: up $0.40 to $37.45, Research, Estimates) are off 21 percent this year. At $367 billion, GE's market value is the largest of any company.
The dividend of 18 cents per outstanding share is payable Jan. 25, 2002 to shareowners of record on Dec. 31, 2001. GE said it has repurchased more than 1 billion shares for $20.6 billion in the seven years since the buyback program was started.
The conglomerate is involved in everything from financial services, broadcasting and the manufacturing of medical equipment, appliances and light bulbs.
GE's NBC unit made news Thursday by becoming the first major broadcaster in 50 years to accept ads for hard liquor. 
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