LONDON, Jan. 24, 2019 /PRNewswire/ -- Delphi Technologies PLC (NYSE: DLPH), a global leader in vehicle propulsion systems, today announced that its Board of Directors has approved a $200 million share repurchase program and the suspension of its quarterly dividend.
"Given Delphi Technologies' current share price and our confidence in new Chief Executive Officer, Rick Dauch, the Board of Directors believes that it is appropriate to refocus our capital allocation priorities towards share repurchases rather than paying a quarterly dividend," said Timothy M. Manganello, non-executive Chairman of the Board of Directors. "This emphasizes our commitment to create long-term shareholder value."
The Company intends to commence share repurchases shortly after its current closed trading period restriction expires. The repurchase program replaces the prior authorization and is expected to be completed by the end of 2021.
The timing and amount of any share repurchases will be based on market conditions, share price and other factors.
About Delphi Technologies
Delphi Technologies is a technology company focused on providing electric vehicle and internal combustion engine propulsion solutions, in addition to solving emissions and fuel economy challenges for the world's leading automotive OEMs. Delphi also provides leading aftermarket service solutions for the replacement market. With Headquarters in London, U.K., Delphi Technologies operates technical centers, manufacturing sites and customer support services in 24 countries.
SOURCE Delphi Technologies