TE Connectivity To Buy Back Addl. $1.5 Bln Shares; Lifts Dividend

(RTTNews) - TE Connectivity Ltd. (TEL), a technology and manufacturing company, announced Friday 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 Board also approved a recommendation to increase the company's quarterly dividend to $0.44 per share from $0.40, for the four fiscal quarters starting in April 2018, the beginning of the third fiscal quarter.

The recommendation would raise the company's dividend to annual rate of $1.76 per share from $1.60 per share. It 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.