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Garrett Motion Authorizes $100 Million Share Repurchase Program
Further improves capital structure and enhances shareholder return ROLLE, Switzerland, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a
About this update from Garrett Motion Inc.
[{"type":"text","content":"Further improves capital structure and enhances shareholder return\nROLLE, Switzerland, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading, differentiated technology provider for the automotive industry, today announced it has authorized a $100 million share repurchase program valid until November 15, 2022. The board has formed a pricing committee, including certain independent board members, to determine the best pricing and structure for the share repurchase program. Purchases will be made pro rata between Series A Preferred and common shares. The Series A Preferred shares are treated on an as-converted basis for the repurchase program, therefore, the $100 million will be split approximately 4.0:1.0 between Series A Preferred shares and common shares. “Today’s authorization of a $100 million share repurchase program is a clear step to enhance shareholder return as we continue to normalize and further improve Garrett’s capital structure and reflects the confidence we have in our outlook and the value we see in our shares,” said Olivier Rabiller, Garrett President and Chief Executive Officer. “Subject to availability, we are pleased to take this step to optimize our capital allocation and deployment strategy as we focus on the transformation of the global powertrain landscape.” About Garrett Motion Inc. Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. Garrett’s cutting-edge technology enables vehicles to become safer, more connected, efficient and environmentally friendly. Our portfolio of turbocharging, electric boosting and automotive software solutions empowers the transportation industry to redefine and further advance motion. For more information, please visit www.garrettmotion.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements including without limitation our statements regarding the sha...