Dana Holding Corp. said Monday it is again expanding its share repurchase program, this time by $400 million.
The increase brings the total amount authorized for repurchase of common shares to $1.4 billion since October, 2012. To date, Dana has spent $942 million on share repurchases.
Dana CEO Roger Wood said the announcement shows how confident the board is in the company’s strength.
“We believe Dana’s stock represents an attractive investment in light of our earnings growth, strong free cash flow, and our robust capital position,” Mr. Wood said. “Dana continues to be committed to disciplined capital allocation reflecting the importance of shareholder returns and maximizing value.”
Dana also on Monday announced a 5 cent dividend on common shares, payable Sept. 12 to shareholders of record on Aug. 22.
The repurchase program runs through the end of 2015.