Gentex Authorizes Share Repurchase Plan

Autoparts Report, Oct 18, 2002

Gentex Corp. a Michigan-based manufacturer of automatic-dimming rearview mirrors, said that the it has been cleared by its Board to repurchase 4 million shares of the company's common stock.

Under the share repurchase plan, Gentex may, from time to time, purchase up to four million shares of its common stock based on a number of factors, including market conditions, the market price of the company's common stock, anti-dilutive effect on earnings, available cash and other factors as the company deems appropriate.

"The long-term, solid fundamentals of Gentex have not changed, and may be even better now than in the past due to the company's roster of new business wins on existing technology products as well as in new, unique products being developed by Gentex," said Gentex Executive Vice President Garth Deur. "The current weakness in the stock market has caused a decline in the company's stock price that does not properly reflect our strong long-term fundamentals. This buyback plan signifies our confidence in the long-term prospects for the company."

The company is the leading supplier of auto-dimming mirrors to the worldwide automotive industry. Gentex OEM customers include Audi, Bentley, BMW, Daewoo, DaimlerChrysler, Fiat, Ford, General Motors, Hyundai, Infiniti, Kia Motors, Lexus, Mitsubishi, Nissan, Opel, Rover, Rolls Royce, Toyota and Volkswagen.

Gentex aftermarket/distributor customers include Gulf States Toyota Distributors, Mito Corp., Southeast Toyota Distributors, Subaru Distributors NE and Toyota Motor Sales USA.