Garrett Motion to Achieve Milestones with Early Stock Redemption

Garrett Motion Co., Ltd.A differentiated technology provider that leads the automotive industry. Announced on June 28, 2022 that it will redeem all remaining Series B preferred stock.

Olivier Labiller, President and Chief Executive Officer of Garrett, said: “Even with significant reductions in leverage, Garrett continues to invest heavily in R & D and other growth initiatives in pursuing strategic initiatives in the evolving powertrain industry.”

“Honeywell is pleased that Garrett is in a position to redeem Honeywell’s Series B preferred stock sooner than expected. Honeywell Chairman and Chief Executive Officer Darius Adamchik said: ..

Upon completion of the financial restructuring on April 30, 2021, Garrett paid Honeywell $ 375 million in cash and issued Honeywell Series B preferred stock. Garrett redeemed $ 211 million in the fourth quarter of 2021 and $ 197 million in the first quarter of 2022. After an early redemption of $ 212 million on June 28, there will be no issued Series B shares.

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https://ift.tt/CfX7APW Garrett Motion to Achieve Milestones with Early Stock Redemption

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