Articles from Garrett Motion Inc.

PLYMOUTH, Mich. and ROLLE, Switzerland, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading provider of differentiated automotive technology, today announced that it plans to release its fourth quarter financial results on Thursday, February 20, 2025, prior to the opening of the market trading in the United States.

PLYMOUTH, Mich. and ROLLE, Switzerland, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced that it has successfully refinanced its existing $692 million term loan, and refinanced and upsized its existing $600 million revolving credit facility to $630 million. Borrowings under each of the new facilities will initially bear interest at the Secured Overnight Financing Rate (SOFR) plus 225 basis points per annum, which represents a 50-basis point reduction from the existing facilities. The new term loan will mature in 2032, effectively extending the maturity of the Company's existing term loan by approximately four years, and the new revolving credit facility will mature in 2030, effectively extending the maturity date of the Company’s existing revolving credit facility by approximately two years.

ROLLE, Switzerland and PLYMOUTH, Mich., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced the adoption of a long-term capital allocation framework, under which the Company will target returning 75% or more of its Adjusted Free Cash Flow to shareholders over time through a combination of share repurchases and a regular quarterly cash dividend. As part of this framework, the Company’s Board of Directors has approved a new dividend policy, pursuant to which the Board intends to declare and pay quarterly dividends on its common stock in an aggregate amount of approximately $50 million in 2025. The Board has declared the first quarter 2025 cash dividend on the Company’s outstanding common stock of $0.06 per share payable January 31, 2025, to all common shareholders of record as of the close of business on January 15, 2025. The Board has also approved a new share repurchase program for 2025, pursuant to which the Company may repurchase up to $250 million of its common stock throughout the course of the year.

Third Quarter 2024 Financial Highlights

ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NYSEGTX) and China National Heavy Duty Truck Group Co., Ltd. (SinoTruk) signed a Letter of Intent (LoI) to enhance cooperation in advanced technologies for electric commercial vehicles, aiming to jointly develop leading next-generation E-powertrain for application in SinoTruk's product portfolio, with the aim of joining forces to start mass production of trucks equipped with this next gen E-powertrain by 2027.

ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (NASDAQGTX), a global leader in automotive technology, announced today the establishment of a new zero-emission innovation center in Wuhan, China.

ROLLE, Switzerland and PLYMOUTH, Mich., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the third quarter 2024 on Thursday, October 24, 2024, before the open of market trading in the United States.

Second Quarter 2024 Highlights

ROLLE, Switzerland, July 11, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the second quarter 2024 on Thursday, July 25, 2024, before the open of market trading.

ROLLE, Switzerland, May 07, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) (the “Company”) announced today that Garrett Motion Holdings Inc. and Garrett LX I S.à r.l., its wholly owned subsidiaries, have priced their previously announced offering (the “Offering”) and have agreed to issue and sell $800 million aggregate principal amount of their 7.750% senior unsecured notes due 2032 (the “notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the Offering of the notes was increased from the previously announced Offering size of $500 million aggregate principal amount of notes. The notes will be sold to investors at 100.00% plus accrued interest, if any, from May 21, 2024. The closing of the Offering of the notes is expected to occur on or about May 21, 2024, subject to customary closing conditions.

ROLLE, Switzerland, May 06, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) (the “Company”) announced today that Garrett Motion Holdings Inc. and Garrett LX I S.à r.l., its wholly owned subsidiaries, are planning, subject to market and other customary conditions, to offer (the “Offering”) $500 million aggregate principal amount of senior unsecured notes due 2032 (the “notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The notes will be fully and unconditionally guaranteed by the Company and each of the Company’s wholly owned restricted subsidiaries that guarantees the Company’s senior secured credit facilities.

First Quarter 2024 Highlights

ROLLE, Switzerland, April 11, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the first quarter 2024 on Thursday, April 25, 2024, before the open of market trading.

Fourth Quarter 2023 Highlights

ROLLE, Switzerland, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) (the “Company”), a leading differentiated automotive technology provider, today announced the appointment of Paul A. Camuti to its Board of Directors.

ROLLE, Switzerland, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the fourth quarter and full year 2023 on Thursday, February 15, 2024 before the open of market trading.

Third Quarter 2023 Highlights

ROLLE, Switzerland, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated automotive technology provider, today announced it plans to issue financial results for the third quarter 2023 on Tuesday, October 24, 2023 before the open of market trading.

Second Quarter 2023 Highlights

ROLLE, Switzerland, July 10, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a differentiated technology leader for the automotive industry, today announced it plans to issue financial results for the second quarter 2023 on Thursday, July 27, 2023 before the open of market trading.

ROLLE, Switzerland, June 13, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a differentiated technology leader for the automotive industry, announced today the conversion of the Company’s Series A Preferred Stock into a single class of Common Stock, simplifying the Company’s capital structure and setting the stage for greater market capitalization, enhanced liquidity, a path to index inclusion, and a more diversified shareholder base.

First Quarter 2023 Highlights

Garrett Motion Inc. (Nasdaq: GTX), a differentiated technology leader for the automotive industry, presents at Auto Shanghai 2023 (April 18-27) a portfolio of advanced technologies geared toward turbocharging, electrification and software connectivity.

ROLLE, Switzerland, April 17, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced strong preliminary results for first quarter 2023, including year-over-year net sales, net income, adjusted EBITDA, cash flow from operations and adjusted free cash flow. The Company also released its full year financial outlook, including increased forecasts for fiscal year 2023 net sales, net income, cash flow from operations, adjusted EBITDA, and adjusted free cash flow. The Company will announce its first quarter results in full before markets open on April 24, 2023.

ROLLE, Switzerland, April 13, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that it has entered into definitive agreements (the “Agreements”) with Centerbridge Partners, L.P. (“Centerbridge”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to simplify the Company’s capital structure by converting all outstanding Series A Preferred Stock into a single class of Common Stock, on or about July 3, 2023, subject to certain conditions. The agreements contemplate the repurchase of approximately $285 million of Series A Preferred Stock from each of Centerbridge and Oaktree at a market-based price, without premium, and provide for a reduction in governance rights, as well as lock-up and other agreements.

ROLLE, Switzerland, April 04, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced that it now expects to achieve financial results in the upper end of the full year 2023 outlook published on February 14, 2023. Year to date, better than expected financial performance has been primarily driven by strong industry volumes in key regions, the successful ramp-up of new programs, operational excellence, and favorable foreign exchange.

ROLLE, Switzerland, March 08, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that the first quarter dividend for the Series A 11% PIK Preferred Stock will be made in cash and is in lieu of allowing the first quarter dividend to accrete. On March 8, 2023, the Disinterested Directors Committee of the Board of Directors of Garrett declared a quarterly cash dividend of $0.17 per share, which will be paid on April 3, 2023, to holders of record as of the close of business on March 22, 2023.

Fourth Quarter 2022 Highlights

ROLLE, Switzerland, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced it plans to issue financial results for the fourth quarter and full year 2022 on Tuesday, February 14, 2023 before the open of market trading.

ROLLE, Switzerland, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that the fourth quarter dividend for the Series A 11% PIK Preferred Stock will be made in cash and is in lieu of allowing the fourth quarter dividend to accrete. On December 6, 2022, the Disinterested Directors Committee of the Board of Directors of Garrett declared a quarterly cash dividend of $0.17 per share, which will be paid on January 3, 2023, to holders of record as of the close of business on December 20, 2022.

Third Quarter 2022 Highlights

ROLLE, Switzerland, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced it plans to issue financial results for the third quarter 2022 on Wednesday, October 26, 2022, before the open of market trading.

Garrett Motion Inc. (Nasdaq: GTX) announced today its common stock has commenced trading on the Nasdaq Global Select Market, which has the highest listing standards at the exchange, under the ticker symbol “GTX.”

Garrett Motion Inc. (“Garrett”) today announced it has emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization (“Plan”) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on April 23, 2021. With the support of a significant majority of its stakeholders, led by funds managed by Centerbridge Partners, L.P. (“Centerbridge”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), Garrett will remain a publicly traded company and expects to list its common stock on Nasdaq, effective May 3, 2021, under the ticker symbol GTX.

Garrett Motion Inc., a leading differentiated technology provider for the automotive industry, today announced its financial results for the first quarter ended March 31, 2021.

Garrett Motion Inc., a leading differentiated technology provider for the automotive industry, today announced it plans to issue financial results for the first quarter ended March 31, 2021 on Thursday, April 29, 2021 before the open of market trading. Garrett will also hold a conference call the same day at 8:30 am Eastern Time / 2:30 pm Central European Time to discuss the Company’s financial results for the first quarter and to provide an update on Garrett’s business and strategy following expected emergence from Chapter 11 bankruptcy.

Garrett Motion Inc. (“Garrett”) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization (“Plan”), positioning Garrett to complete the implementation of the Plan, led by funds managed by Centerbridge Partners, L.P. (“Centerbridge”) and Oaktree Capital Management, L.P. (“Oaktree”). Garrett expects that effective date will occur as soon as all conditions precedent to the Plan have been satisfied, and is currently targeting emergence by April 30, 2021.

Garrett Motion Inc., a leading differentiated technology provider for the automotive industry, today announced plans to showcase its next-generation electric-boosting (E-Boosting) technologies for use in electrified powertrains, primarily for hybrid and fuel cell vehicles, at the 19th Shanghai International Automobile Industry Exhibition.