Boeing's board approved a new share repurchase plan under which the company plans to buy back up to US$7 billion worth of its common stock.

The planned repurchase is in addition to approximately US$8 billion of its stock it has bought back since 2004 and follows a US$3 billion buyback approved by the board in August 2006.

On Oct. 29, the company also declared a quarterly dividend of 35 cents per share payable Dec. 7 to shareholders of record as of Nov. 9.