SCHAFFHAUSEN, Switzerland, Nov. 28, 2012 /PRNewswire/ -- The TE Connectivity Ltd. (NYSE: TEL) Board of Directors approved a recommendation to increase the company's quarterly dividend 19%, from $0.21 to $0.25 per share for the four fiscal quarters beginning with the third quarter of 2013. The recommendation, which was approved on November 27, 2012, would raise the company's dividend from the annual rate of $.84 per share to $1.00 per share. This recommendation will be presented for shareholder approval at the company's Annual General Meeting of Shareholders in March 2013.
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"This recommendation represents our third consecutive year of double-digit dividend increases and reflects our confidence in the company's ability to generate consistent, strong free cash flow," said TE Connectivity's Chief Executive Officer Tom Lynch.
Since 2007, the company has returned approximately $4.4 billion to shareholders in the form of dividends and share repurchases. The company also resumed its share repurchase program in the fiscal fourth quarter of 2012.
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a global, $13 billion company that designs and manufactures approximately 500,000 products that connect and protect the flow of power and data inside the products that touch every aspect of our lives. Our nearly 90,000 employees partner with customers in virtually every industry—from consumer electronics, energy and healthcare, to automotive, aerospace and communication networks—enabling smarter, faster, better technologies to connect products to possibilities. More information on TE Connectivity can be found at http://www.te.com.
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive industry and the telecommunications, computer and consumer electronics industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 28, 2012, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.
SOURCE TE Connectivity Ltd.