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News Breaks | | | | February 12, 2013 | | 11:17 EDT |  | LEA | Lear says accelerating execution of $1B share repurchase program
Lear issued the following statement in response to the press release issued by Marcato Capital Management LLC and Oskie Capital Management LLC: "At Lear, we are focused on value creation for all of our shareholders. We have a balanced strategy of investing in our business while maintaining a strong and flexible balance sheet and returning cash to shareholders. Consistent with this strategy, Lear is accelerating the execution of its $1B share repurchase program - under which the company intends to repurchase nearly 20% of its outstanding shares - with $600M of repurchases planned for 2013. The Board of Directors of Lear also accelerated the return of capital to shareholders through the recently announced 21% increase of the Company's quarterly cash dividend. This is in addition to more than $500M of share repurchases completed over the last two years." | |
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