TE Connectivity plc - TEL STOCK NEWS

TE Connectivity (NYSE: TEL) announced the election of Jean-Pierre Clamadieu to its board of directors during the 2023 Annual General Meeting on March 15, 2023. Clamadieu, chairman of the board of ENGIE S.A. and former CEO of Solvay S.A., brings extensive leadership experience across various sectors, including aerospace and chemicals. TE Chairman Tom Lynch expressed confidence in Clamadieu's ability to provide valuable guidance, particularly given his global experience in financial crises and growth phases. As TE Connectivity continues to innovate in connectivity and sensor solutions, this board addition aims to strengthen its strategic decision-making.

On March 15, 2023, TE Connectivity Ltd. (NYSE: TEL) announced the approval of a $2.36 per share dividend by shareholders at its Annual General Meeting. The dividend will be paid out in four equal quarterly installments of $0.59 each. The payment dates are as follows:

• 3rd Quarter: June 2, 2023
• 4th Quarter: September 1, 2023
• 1st Quarter FY 2024: December 1, 2023
• 2nd Quarter FY 2024: March 1, 2024

TE Connectivity (NYSE: TEL) has been recognized as one of the 2023 World's Most Ethical Companies by Ethisphere, marking its ninth consecutive year on the list. In 2023, 135 honorees across 19 countries and 46 industries were acknowledged, with TE being one of only two representatives from the electronics and components sector. The assessment included a comprehensive evaluation of over 200 questions on corporate culture, environmental practices, and governance.

CEO Terrence Curtin emphasized the company's commitment to integrity and innovation, underscoring the importance of ethical practices in fostering long-term business performance.

TE Connectivity, a leader in connectors and sensors, announced the addition of nine students to its African Heritage Scholarship Program, which aims to diversify its workforce. The program, now in its second year with a total investment of $3.5 million, supports top-performing Black and African American students through internships and scholarships. Each student will undergo a 10- to 12-week internship, and upon completion, may receive scholarships of up to $22,500 for their junior year. The initiative emphasizes TE's commitment to building an inclusive workforce while fostering innovation in the technology industry.

TE Connectivity Ltd. (NYSE: TEL) announced that its subsidiary, Tyco Electronics Group S.A., priced a $500 million offering of 4.500% senior notes due 2026. The notes will be issued at a price of 99.811% with interest payable semi-annually. The net proceeds will support general corporate purposes including potential debt repayment. This offering is backed by an effective registration statement filed on June 21, 2021, and is expected to close on February 13, 2023. Major underwriters include BofA Securities, Citigroup Global Markets, and J.P. Morgan Securities.

TE Connectivity Ltd. (NYSE: TEL) reported fiscal Q1 2023 results with net sales of $3.8 billion, a 1% increase and 8% organic growth year-over-year. The Transportation Solutions segment saw strong growth of 14%, while Industrial Solutions grew by 7%. However, the Communications Solutions segment experienced an 11% decline. GAAP diluted EPS was $1.25, with adjusted EPS of $1.53, exceeding guidance despite a $0.25 impact from currency and tax challenges. The company projects Q2 2023 sales of around $3.9 billion and adjusted EPS of $1.57.

TE Connectivity has launched its inaugural Industrial Technology Index, revealing significant differences in how executives and engineers define and prioritize innovation. The survey highlights that 57% of executives see innovation as a total transformation, while 55% of engineers consider it an iteration. A striking 83% of engineers believe their company needs to invest more in innovation, compared to 53% of executives. The survey underscores the importance of sustainable practices, with one in five engineers reporting a lack of clear strategy in their organizations.

TE Connectivity Ltd. (NYSE: TEL) will hold its 2023 annual general meeting (AGM) on March 15 at 2 p.m. CET in Zürich, Switzerland. Shareholders with voting rights as of February 23 will be entitled to vote. A Notice of Internet Availability of Proxy Materials will be sent to registered shareholders on January 5, providing details on accessing proxy materials online. Beneficial holders must maintain their shares until the record date to be eligible to vote. Shareholders are encouraged to review the definitive proxy statement for critical information.