Lear Corporation (NYSE:LEA - News), a leading global supplier of automotive seating and electrical power management systems, today announced that its Board of Directors has authorized a $400 million share repurchase program, initiated a $0.25 per share quarterly cash dividend and declared a two-for-one stock split of Lear's common stock, par value $0.01 per share. The cash dividend will be paid on the pre-split shares.
Shares will be repurchased from time to time in open market or privately negotiated transactions at prices, times and amounts to be determined by the Company. The share repurchase authorization expires on February 16, 2014.
The quarterly cash dividend of $0.25 per share, on a pre-split basis, is payable on March 16, 2011 to shareholders of record at the close of business on March 4, 2011. The indicated annual dividend on a pre-split basis is $1.00 per share.
The distribution date for the stock split will be March 17, 2011 to shareholders of record at the close of business on March 4, 2011. The stock split will be effected by issuing one additional share of common stock for every one share of common stock held by shareholders of record.
"We are committed to maximizing shareholder returns over time. We believe the key to our ability to do this is sustained positive earnings and cash flow performance," said Bob Rossiter, Lear Chief Executive Officer and President. "Our exceptionally strong capital structure and our positive outlook allow us to take the shareholder actions we are announcing today and continue to invest in and grow our business while further improving returns to our shareholders."
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