MILFORD, Mass.--(BUSINESS WIRE)--Waters Corporation (NYSE:WAT) announced today that on February 27, 2007, its Board of Directors authorized the Company to repurchase up to $500 million of its outstanding common shares over the next 24 months. The previous $500 million share repurchase program authorized in October 2005 was recently completed. Purchases will be made through open market transactions, subject to market conditions and trading restrictions.