December 08, 2017
Source: TE Connectivity Ltd.
TE Connectivity Board Also Approves Recommendation to Raise Annualized Dividend to $1.76 Per Share
SCHAFFHAUSEN, Switzerland, Dec. 8, 2017 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) announced today that its Board of Directors has authorized an increase in its share repurchase program by an additional $1.5 billion. Any repurchases by the company will be made in accordance with applicable securities laws in the open market or in private transactions. The repurchase program is subject to business and market conditions, and may be commenced, suspended or discontinued at any time or from time to time without prior notice.
The Board also approved a recommendation to increase the company's quarterly dividend from $0.40 to $0.44 per share, for the four fiscal quarters starting in April 2018, the beginning of the third fiscal quarter. The recommendation would raise the company's dividend from the annual rate of $1.60 per share to $1.76 per share, and will be presented for shareholder approval at the company's Annual General Meeting of Shareholders on March 14, 2018. The recommendation represents the eighth consecutive year of increases to the company's annual dividend rate.
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a $13 billion global technology and manufacturing leader creating a safer, sustainable, productive, and connected future. For more than 75 years, our connectivity and sensor solutions, proven in the harshest environments, have enabled advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With 78,000 employees, including more than 7,000 engineers, working alongside customers in nearly 150 countries, TE ensures that EVERY CONNECTION COUNTS – www.TE.com.
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive and data and devices industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 29, 2017 as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.
SOURCE TE Connectivity Ltd.Media Relations - B.J. Talley, TE Connectivity, 610-893-9553, firstname.lastname@example.org; Investor Relations - Sujal Shah, TE Connectivity, 610-893-9790, email@example.com