Lear Accelerates $1B Buyback Plan
Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical distribution systems, today issued the following statement in response to the press release issued by Marcato Capital Management LLC and Oskie Capital Management LLC:
At Lear, we are focused on value creation for all of our shareholders.
We have a balanced strategy of investing in our business while maintaining a strong and flexible balance sheet and returning cash to shareholders.
Consistent with this strategy, Lear is accelerating the execution of its $1 billion share repurchase program - under which the company intends to repurchase nearly 20% of its outstanding shares - with $600 million of repurchases planned for 2013. The Board of Directors of Lear also accelerated the return of capital to shareholders through the recently announced 21% increase of the Company's quarterly cash dividend. This is in addition to more than $500 million of share repurchases completed over the last two years.
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