LONDON, Jan. 24, 2019
/PRNewswire/ -- Delphi Technologies PLC (NYSE: DLPH), a global
leader in vehicle propulsion systems, today announced that its
Board of Directors has approved a $200
million share repurchase program and the suspension of its
quarterly dividend.
"Given Delphi Technologies' current share price and our
confidence in new Chief Executive Officer, Rick Dauch, the Board of Directors believes that
it is appropriate to refocus our capital allocation priorities
towards share repurchases rather than paying a quarterly dividend,"
said Timothy M. Manganello,
non-executive Chairman of the Board of Directors. "This emphasizes
our commitment to create long-term shareholder value."
The Company intends to commence share repurchases shortly after
its current closed trading period restriction expires. The
repurchase program replaces the prior authorization and is expected
to be completed by the end of 2021.
The timing and amount of any share repurchases will be based on
market conditions, share price and other factors.
About Delphi Technologies
Delphi Technologies is a
technology company focused on providing electric vehicle and
internal combustion engine propulsion solutions, in addition to
solving emissions and fuel economy challenges for the world's
leading automotive OEMs. Delphi also provides leading
aftermarket service solutions for the replacement market. With
Headquarters in London, U.K.,
Delphi Technologies operates technical centers, manufacturing sites
and customer support services in 24 countries.
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SOURCE Delphi Technologies