SWINDON, United Kingdom, May 31, 2018 -- Sensata Technologies (NYSE:ST) announced today that its Board of Directors has authorized a $400 million ordinary share repurchase program. At the Company’s 2018 annual general meeting held earlier today, Sensata’s shareholders approved the forms of share repurchase agreements and the potential broker counterparties needed to execute the buyback program.
Martha Sullivan, President and CEO, stated, “We are pleased that our shareholders have endorsed our efforts to improve the flexibility and optionality of our capital deployment initiatives. Our share repurchase plan demonstrates our belief in our financial outlook and our ability to generate strong free cash flow, which we can deploy into value-creating initiatives for our shareholders. We will continue to pursue a returns-driven approach to capital deployment. The new repurchase program will augment our existing capital deployment strategies and enable us to drive attractive returns on invested capital over the long-term.”
The Company’s ordinary shares may be repurchased from time to time depending on market conditions or other factors through open market or privately negotiated transactions. In addition, repurchases of ordinary shares may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.
Sensata expects to seek shareholder approval of its share repurchase agreements and its broker counterparties on an annual basis.
About Sensata Technologies
Sensata Technologies is one of the world’s leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in 12 countries. Sensata’s products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle and marine applications. For more information, please visit Sensata’s web site at www.sensata.com.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Sensata believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release, including, without limitation, risks associated with regulatory, legal, governmental, political, economic and military matters; adverse conditions in the automotive industry; competition in our industry, including pressure from customers to reduce prices; supplier interruption limiting access to manufactured components or raw materials; business disruptions due to natural disasters; labor disruptions; difficulties or failures to integrate businesses we acquire; market acceptance of new products; and our level of indebtedness. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made; and we undertake no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise. See “Risk Factors” in the Company's 2017 Annual Report on Form 10-K and other public filings and press releases. Copies of our filings are available from our Investor Relations department or from the SEC website, www.sec.gov.
Investor Contact:
Joshua Young
Vice President, Investor Relations
+1 (508) 236-2196
[email protected]
Media Contact:
Alexia Taxiarchos
(508) 236-1761
[email protected]