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 issu