L-3 Communications Holdings, Inc. [LLL] will repurchase up to $1 billion worth of its stock over the next two years, the company announced.

This is the third L-3 repurchase.

"This new authorization underscores our confidence in L-3’s strong fundamental business position, our growth and earnings prospects and our ability to continue to generate strong cash flows for 2009 and beyond," said Michael T. Strianese, chairman, president and chief executive officer.

Repurchases under the program will be made from time to time at management’s discretion in accordance with applicable federal securities laws. Timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. The program will be funded using the company’s cash on hand and cash generated from operations.

The program may be extended, suspended or discontinued at any time without prior notice.