Seating supplier Lear Corporation has announced a US$400m share repurchase programe, initiated a $0.25 per share quarterly cash dividend and declared a two-for-one stock split of its common stock. The cash dividend will be paid on the pre-split shares.
Shares will be repurchased in open market or privately negotiated transactions and the offer ends on 16 February 2014.
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The quarterly cash dividend will be paid on 16 March. The indicated annual dividend on a pre-split basis is $1.00 per share.
The distribution date for the stock split will be 17 March. The stock split will be made by issuing one additional share of common stock for every one share of common stock held by shareholders of record.
“We are committed to maximizing shareholder returns over time. We believe the key to our ability to do this is sustained positive earnings and cash flow performance,” said Lear president and CEO Bob Rossiter.
“Our exceptionally strong capital structure and our positive outlook allow us to take the shareholder actions we are announcing today and continue to invest in and grow our business while further improving returns to our shareholders.”
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