AUBURN HILLS, Mich.,
Feb. 12, 2015 /PRNewswire/
-- BorgWarner today announced that its board of directors has
authorized a share repurchase program of up to $1.0 billion of the company's common stock over
the next three years.
"This share repurchase program demonstrates confidence in the
long-term growth of our business and a continued commitment to
create and deliver value to our shareholders," said James R. Verrier, President and Chief Executive
Officer, BorgWarner.
The timing and amount of any share repurchases will be based on
market conditions, share price and other factors. Repurchases may
be made in the open market or in privately negotiated transactions.
Repurchases under this program will be funded from one or a
combination of existing cash balances, indebtedness and future free
cash flow.
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for powertrains around the world.
Operating manufacturing and technical facilities in 58 locations in
19 countries, the company delivers innovative powertrain solutions
to improve fuel economy, reduce emissions and enhance performance.
For more information, please visit borgwarner.com.
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SOURCE BorgWarner Inc.