Visteon Announces Share Repurchase Program Increase
VAN BUREN TOWNSHIP, Mich., Jan. 14, 2013
VAN BUREN TOWNSHIP, Mich., Jan. 14, 2013 /PRNewswire/ --Visteon Corporation
(NYSE: VC) today announced that the company's board of directors has
reauthorized the company's current $100 million share repurchase program and
increased the repurchase amount to include an additional $200 million worth of
its common shares over the next two years.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
This action creates a total of $250 million available with which to repurchase
shares, as the company has already repurchased $50 million worth of its common
shares since the initial share repurchase program was authorized in August
2012. This creates a total share repurchase program of $300 million.
"The actions we took during the fourth quarter of 2012 to repurchase stock,
redeem $50 million of the company's bonds and reduce our pension benefit
obligation represent our commitment to value-creating uses of cash," said Tim
Leuliette, president and CEO of Visteon. "Going forward, we expect that our
increased share repurchase program, restructuring and operational
improvements, and other value-enhancing actions will join to further improve
total return to shareholders."
Shares would 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. The company expects to complete the total
repurchase program by January 1, 2015.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not guarantees of future results and conditions but rather are
subject to various factors, risks and uncertainties that could cause our
actual results to differ materially from those expressed in these
forward-looking statements, including, but not limited to: (1) our ability to
satisfy future capital and liquidity requirements; including our ability to
access the credit and capital markets at the times and in the amounts needed
and on terms acceptable to us; our ability to comply with financial and other
covenants in our credit agreements; and the continuation of acceptable
supplier payment terms; (2) our ability to satisfy pension and other
post-employment benefit obligations; (3) our ability to access funds generated
by foreign subsidiaries and joint ventures on a timely and cost-effective
basis; (4) conditions within the automotive industry, including (i) the
automotive vehicle production volumes and schedules of our customers, (ii) the
financial condition of our customers or suppliers and the effects of any
restructuring or reorganization plans that may be undertaken by our customers
or suppliers or work stoppages at our customers or suppliers, and (iii)
possible disruptions in the supply of commodities to us or our customers due
to financial distress, work stoppages, natural disasters or civil unrest; (5)
new business wins and re-wins do not represent firm orders or firm commitments
from customers, but are based on various assumptions, including the timing and
duration of product launches, vehicle production levels, customer price
reductions and currency exchange rates; (6) general economic conditions,
including changes in interest rates, currency exchange rates and fuel prices;
the timing and expenses related to internal restructurings, employee
reductions, acquisitions or dispositions and the effect of pension and other
post-employment benefit obligations; (7) increases in raw material and energy
costs and our ability to offset or recover these costs, increases in our
warranty, product liability and recall costs or the outcome of legal or
regulatory proceedings to which we are or may become a party; and (8) those
factors identified in our filings with the SEC (including our Annual Report on
Form 10-K for the fiscal year ended Dec. 31, 2011).
Visteon is a leading global automotive supplier delivering value for vehicle
manufacturers and shareholders through a family of businesses including:
oHalla Visteon Climate Control, majority-owned by Visteon and the world's
second largest global supplier of automotive climate components and
systems (consolidation to be completed in first quarter 2013).
oVisteon Electronics, a leading supplier of audio/infotainment, driver
information, center stack electronics and feature control modules.
oVisteon Interiors, a global provider of vehicle cockpit modules,
instrument panels, consoles and door trim modules.
oYanfeng Visteon Automotive Trim Systems Co., Ltd., a successful
China-based partnership between Visteon and Shanghai Automotive Industry
Corporation's automotive components group, Huayu Automotive Systems.
Through this family of enterprises, Visteon designs, engineers and
manufactures innovative components and systems for virtually every vehicle
manufacturer worldwide, and these businesses generated more than $12 billion
in sales in 2011, including unconsolidated operations. With corporate offices
in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK;
Visteon has facilities in 28 countries and employs through its various
businesses, including unconsolidated operations, approximately 55,000 people.
Learn more at www.visteon.com.
SOURCE Visteon Corporation
Contact: Media: Jim Fisher, +1-734-710-5557, email@example.com; or
Investors: Scott Deitz, +1-734-710-2603, firstname.lastname@example.org
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