Braking specialist Wabco Holdings said its board of directors had authorised the company to commence a new two-year share repurchase programme.
The new authorisation allows for the repurchase of up to US$600m of common shares at the discretion of management from 1 January, 2019 to 31 December, 2020, subject to market conditions and applicable regulatory requirements.
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As previously disclosed, since June 2011, Wabco repurchased 20,998,402 shares for US$1,801.1m in open market transactions as of 30 September, 2018 and expects to repurchase shares up to a total of $300m during 2018 under its previously authorised share buyback programme, subject to market conditions and applicable regulatory requirements.
"Approved by our board of directors, this new share buyback programme once again demonstrates our continued commitment to deliver value and builds on our strong track record of returning cash to shareowners," said Jacques Esculier, Wabco chairman and chief executive officer.
