Delphi will spend $750 million to repurchase more shares
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DETROIT -- Supplier Delphi Automotive plans to repurchase up to $750 million of its outstanding shares.
The timing and amount of the share repurchases will be determined by market conditions, share price and other factors, the supplier said in a statement on Thursday. Repurchases may be made in the open market or in privately negotiated transactions.
"Today's announcement highlights both our strong balance sheet and free cash flow generation," said Kevin Clark, senior vice president and CFO of Delphi.
The program follows the completion of $300 million in share repurchases under Delphi's previously announced program, which ended in January.
Delphi shares today rose 3.5 percent to close at $31.82.
