Visteon Corporation (NYSE: VC) today announced that its board of directors has authorized a share repurchase program of up to $400 million of common stock to be executed through March 2018, reflecting the company’s strong balance sheet and free cash flow generation. Visteon expects to fund the repurchases through excess cash on hand.
“We are pleased to announce this new repurchase program, further underscoring our commitment to driving value for our shareholders,” said Sachin Lawande, Visteon president and CEO. “This authorization demonstrates our board’s confidence in Visteon’s ability to execute on our exciting growth initiatives as a differentiated provider of cockpit electronics. We believe that there is significant upside for Visteon given the exciting future of the connected car, and we are uniquely well-positioned to deliver on that potential.”
This new authorization follows the company’s successful track record of returning approximately $3.5 billion of capital to shareholders since 2012 through share buybacks and special distributions.
Shares may be repurchased from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors. Such purchases will be made in accordance with applicable U.S. securities laws and regulations.
