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.
Forward-looking Information
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).
About Visteon
Visteon is a leading
global automotive supplier delivering value for vehicle
manufacturers and shareholders through a family of businesses
including:
- Halla 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).
- Visteon Electronics, a leading supplier of audio/infotainment,
driver information, center stack electronics and feature control
modules.
- Visteon Interiors, a global provider of vehicle cockpit
modules, instrument panels, consoles and door trim modules.
- Yanfeng 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