WABCO Board of Directors Authorizes New Share Buyback Program up to $600 Million
BRUSSELS, Belgium, December 10, 2018 – WABCO Holdings Inc. (NYSE: WBC), the leading global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles, today announced that on December 7, 2018 its board of directors authorized the company to commence a new two-year share repurchase program.
The board’s new authorization allows for the repurchase of up to $600 million of common shares at the discretion of management from January 1, 2019 through December 31, 2020, subject to market conditions and applicable regulatory requirements.
As previously disclosed, since June 2011, WABCO repurchased 20,998,402 shares for $1,801.1 million in open market transactions as of September 30, 2018 and expects to repurchase shares up to a total of $300 million during 2018 under its previously authorized share buyback program, subject to market conditions and applicable regulatory requirements.
“Approved by our board of directors, this new share buyback program once again demonstrates our continued commitment to deliver value and builds on our strong track record of returning cash to shareowners," said Jacques Esculier, WABCO Chairman and Chief Executive Officer.
About WABCO
WABCO (NYSE: WBC) is the leading global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles. Originating from the Westinghouse Air Brake Company founded nearly 150 years ago, WABCO is powerfully “Mobilizing Vehicle Intelligence” to support the increasingly autonomous, connected and electric future of the commercial vehicle industry. WABCO continues to pioneer innovations to address key technology milestones in autonomous mobility and apply its extensive expertise to integrate the complex control and fail-safe systems required to efficiently and safely govern vehicle dynamics at every stage of a vehicle’s journey – on the highway, in the city and at the depot. Today, leading truck, bus and trailer brands worldwide rely on WABCO’s differentiating technologies. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2017, WABCO reported sales of $3.3 billion and has nearly 15,000 employees in 40 countries. For more information, visit www.wabco-auto.com and, for WABCO’s 2017 Annual Report, visit ar.wabco-auto.com.
WABCO media, investors and analysts contact
Sean Deason, +1 248 270 9287, investorrelations@wabco-auto.com
