Lear Corporation – Committed to driving shareholder value
Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical power management systems, today announced that its Board of Directors has authorized a $300 million increase to its existing share repurchase program, bringing the total value of shares that may be repurchased to $700 million.
Shares will be repurchased from time to time in open market or privately negotiated transactions at prices, times and amounts to be determined by the Company. The share repurchase authorization expires on February 16, 2014.
Through the end of 2011, the Company has completed the purchase of $279 million of stock under the previously announced $400 million share repurchase authorization.
“We are committed to driving shareholder value,” said Matt Simoncini, Lear President and Chief Executive Officer. “We believe this can be best achieved through a combination of continued investment in our core businesses and the consistent return of cash to our shareholders.”
About the company:
Lear was founded in 1917 in Detroit, Michigan as American Metal Products, a manufacturer of tubular, welded and stamped assemblies for the automotive and aircraft industries. Since then, they have grown to meet the changing needs of the industry with 18 major acquisitions since Lear went public in 1994.
Today, they provide complete seating and electrical power management systems worldwide. With 2010 sales of $12 billion, Lear ranks #242 among the Fortune 500. Their world-class products are designed, engineered and manufactured by a diverse team of 93,000 employees in 200 locations. With headquarters located in Southfield, Michigan, Lear continues to operate facilities in 35 countries around the globe. Lear is traded on the New York Stock Exchange under the symbol.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |
