Delphi Announces New $750 Million Share Repurchase Program
Delphi Automotive (NYSE: DLPH) today announced that its Board of Directors has authorized a new share repurchase program of up to $750 million of Delphi's outstanding ordinary shares. This program follows the completion of $300 million of share repurchases under Delphi's previously announced share repurchase program that commenced in January 2012.
“Today's announcement highlights both our strong balance sheet and free cash flow generation,” said Kevin Clark, senior vice president and chief financial officer of Delphi. “We are pleased to have the financial flexibility to opportunistically allocate our capital to this share repurchase program while maintaining our focus on driving growth and executing on our strategy. This action demonstrates our commitment to further delivering shareholder value while maintaining our investment grade credit metrics.”
Under the program, Delphi is authorized to repurchase up to $750 million of its outstanding ordinary shares. The timing and amount of any share repurchases will be determined based on market conditions, share price and other factors. Repurchases may be made in the open market or in privately negotiated transactions.
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