Visteon Corporation (VC) said on Tuesday that its board of directors had authorized a share repurchase program of $300 million of common stock expiring December 31st 2026.
Visteon said it would fund the share repurchases with excess cash on hand and through cash flow generated in the future.
Shares may 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 among other factors, the company said.
“We are pleased to announce this new share repurchase program, further underscoring our commitment to driving value for our shareholders,” Sachin Lawande, Visteon’s President and Chief Executive Officer, said in a press release.
“This authorization demonstrates our board’s confidence in Visteon’s strategic growth plan as we deliver digital, software-defined, and electric product solutions that align with key trends in the industry,” the CEO added.
The shares of Visteon Corp (VC) closed 0.46% ($0.76) higher at $165.74 on Nasdaq on Tuesday.
The automotive electronics manufacturer’s total market cap now stands at $4.672 billion.
The shares of Visteon Corp have risen 26.68% so far this year, following another 17.72% gain in 2022.
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