BorgWarner Authorizes 1.2 Million Share Repurchase Program
12 May 2000
BorgWarner Authorizes 1.2 Million Share Repurchase ProgramCHICAGO, May 11 BorgWarner Inc. today announced that its board of directors has authorized the purchase of up to 1.2 million shares of the company's common stock. The company completed its previous share repurchase program from 1997 this month. The shares will be purchased in the open market at prevailing prices and at times and amounts to be determined by management as market conditions and its capital position warrant. Purchased shares will be placed in treasury and may subsequently be reissued for general corporate purposes. The new share repurchase authorization follows the company's April 26 Annual Meeting, where shareholders approved an amendment to the company's 1993 Stock Incentive Plan to increase the number of shares authorized to be issued by 1.2 million shares.