Flow control products and services provider Flowserve Corp. announced that its board of directors has authorized a replenished stock repurchase authorization to $500 million. The company also declared a quarterly cash dividend of 16 cents per share on its outstanding shares of common stock.

Flowserve’s replenished stock repurchase authorization of $500 million includes about $175 million remaining under the prior $750 million program authorized in 2013. Execution of the company’s share repurchases is ongoing under the prior authorization. The amount and timing of share repurchases will be determined by Flowserve based on its evaluation of financial condition, business opportunities and market conditions. Repurchases may be affected through various methods, including open market repurchases. The dividend is payable on Jan. 9, 2015, to shareholders of record at the close of business on Dec. 26, 2014. While Flowserve intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at the announced 16 cents per share or otherwise, will be reviewed individually and declared by the board of directors at its discretion.