INDIANAPOLIS, Nov. 8, 2017 /PRNewswire/ -- Allison
Transmission Holdings Inc. (NYSE: ALSN) today announced that its
board of directors approved a new authorization under the Company's
current stock repurchase program for the repurchase of up to an
additional $500 million of the
Company's outstanding common stock. The new authorization brings
the total amount authorized under the program to $1.5 billion. The Company anticipates
repurchasing its common stock under the stock repurchase program
from time to time through Dec. 31,
2019.
Repurchases under the program may be made in the open market, in
privately negotiated transactions or otherwise, with the amount and
timing of repurchases depending on market conditions and corporate
needs. Open market repurchases will be structured to occur within
the pricing and volume requirements of Rule 10b-18. The Company may
also, from time to time, enter into Rule 10b5-1 plans to facilitate
repurchases of its shares under this authorization. This stock
repurchase program does not obligate the Company to acquire any
particular amount of its common stock and the program may be
extended, modified, suspended or discontinued at any time at the
Company's discretion.
The Company's board of directors also declared a cash dividend
of $0.15 per share on the Company's
common stock for the fourth quarter of 2017. Payment will be made
on Nov. 30, 2017, to stockholders of
record at the close of business on Nov. 20,
2017.
The payment of any future dividends will be at the discretion of
the board of directors and will be dependent upon Allison
Transmission's financial position, results of operations, available
cash, cash flow, capital requirements and other factors deemed
relevant by the board of directors.
About Allison Transmission
Allison Transmission
(NYSE: ALSN) is the world's largest manufacturer of fully automatic
transmissions for medium- and heavy-duty commercial vehicles and is
a leader in hybrid-propulsion systems for city buses. Allison
transmissions are used in a variety of applications including
refuse, construction, fire, distribution, bus, motorhomes, defense
and energy. Founded in 1915, the company is headquartered in
Indianapolis, Indiana, USA and
employs approximately 2,600 people worldwide. With a market
presence in more than 80 countries, Allison has regional
headquarters in the Netherlands,
China and Brazil with manufacturing facilities in the
U.S., Hungary and India. Allison also has approximately 1,400
independent distributor and dealer locations worldwide. For more
information, visit allisontransmission.com.
Forward-Looking Statements
This press release
contains forward-looking statements. All statements other than
statements of historical fact contained in this press release are
forward-looking statements, including all statements regarding
future financial results. In some cases, you can identify
forward-looking statements by terminology such as "may," "will,"
"should," "expect," "plans," "project," "anticipate," "believe,"
"estimate," "predict," "intend," "forecast," "could," "potential,"
"continue" or the negative of these terms or other similar terms or
phrases. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks. Factors which may
cause the actual results to differ materially from those
anticipated at the time the forward-looking statements are made
include, but are not limited to: risks related to our substantial
indebtedness; uncertainty in the global regulatory and business
environments in which we operate; our participation in markets that
are competitive; the highly cyclical industries in which certain of
our end users operate; the failure of markets outside North America to increase adoption of
fully-automatic transmissions; the concentration of our net sales
in our top five customers and the loss of any one of these; future
reductions or changes in government subsidies for hybrid vehicles
and other external factors impacting demand; U.S. defense spending;
general economic and industry conditions; the discovery of defects
in our products, resulting in delays in new model launches, recall
campaigns and/or increased warranty costs and reduction in future
sales or damage to our brand and reputation; our ability to prepare
for, respond to and successfully achieve our objectives relating to
technological and market developments, competitive threats and
changing customer needs; risks associated with our international
operations; labor strikes, work stoppages or similar labor
disputes, which could significantly disrupt our operations or those
of our principal customers; our intention to pay dividends and
repurchase shares of our common stock and other risks and
uncertainties associated with our business described in our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Although we believe the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that the expectations will be
attained or that any deviation will not be material. All
information is as of the date of this press release, and we
undertake no obligation to update any forward-looking statement to
conform the statement to actual results or changes in
expectations.
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SOURCE Allison Transmission Holdings Inc.