London, August 01, 2024, (Oilandgaspress) –– Stellantis Announces Launch of Third Tranche of Its 2024 Share Buyback Program. Stellantis N.V. (“Stellantis” or the “Company”) announced today that pursuant to its Share Buyback Program (or the “Program”) announced on February 15, 2024, covering up to €3 billion (total purchase price excluding ancillary costs) to be executed in the open market, Stellantis has signed a share buyback agreement for the third tranche of its Program with an investment firm that will make its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement will cover a maximum amount of up to €1 billion (of the €3 billion Share Buyback Program). The third tranche of the Program shall start on August 1, 2024, and end no later than November 29, 2024.
The Company intends to cancel the common shares acquired through its €3 billion Share Buyback Program apart from a portion of up to €0.5 billion, which will be utilized to execute future employee stock purchase plan activities and equity-based compensation. This is intended to support the benefits of expanding and strengthening the ownership culture inside Stellantis, while avoiding dilution of existing shareholders.
Stellantis Expands SUSTAINera range in Brazil
In pursuit of its goal to become a carbon-neutral company by 2038, Stellantis is expanding its SUSTAINera product portfolio and introducing a wider range of remanufactured automotive parts in Brazil.
Previously offering five product lines of remanufactured parts (turbocharger, steering racks, automatic gearbox, starters, alternators), the SUSTAINera range has now expanded to 8 product lines including air conditioning compressors, rear differentials, and transfer cases, available at Stellantis brand dealerships across the country, as well as through other distribution channels. By the end of 2024, the catalogue will be further enlarged to 13 families with over 180 components, including diesel engines, high-pressure pumps, injector nozzles, alloy wheels, and electronics.
The offer of SUSTAINera parts is available for all Stellantis’ brands of vehicles sold in Brazil and it is the first and only made by an automotive OE in the full Region: the parts are remanufactured to OEM specifications, guaranteeing the same performance and warranty as genuine MOPAR parts, while providing affordable vehicle maintenance options.
“A remanufactured part is approximately 20% cheaper than a new part, and it’s a more sustainable option, using up to 80% less raw material and up to 40% non-emitted CO2* in the remanufacturing process. This results in lower resource demand and optimized production processes, significantly reducing CO2 emissions,” explains Paulo Solti, Vice President of Parts and Services for Stellantis South America. “This circular economy-focused business model underscores Stellantis’ commitment to providing sustainable and affordable product and service solutions,” he adds.
SUSTAINera is leading the Circular Economy in Brazil and this strong commitment has been recognized by the industry with the ESG award of Automotive Business in 2023.
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