Garrett Motion to Achieve Milestone with Early Stock Redemption

Garrett Motion Achieves Financial Milestone

The company will redeem $212 million in outstanding Series B stock, to be repaid with cash on hand.

Garrett Motion Inc., a leading, differentiated technology provider for the automotive industry, has announced it will redeem all remaining Series B preferred stock on June 28, 2022.

“Solid demand across Garrett’s portfolio of products coupled with strong operational agility has continued to generate robust cash flow and will enable us to reach a significant deleveraging milestone, even in a volatile environment,” said Olivier Rabiller, Garrett president and CEO. “Even as we’ve materially reduced leverage, Garrett continues to invest heavily in R&D and other growth initiatives as we pursue our strategic initiatives in the evolving powertrain industry.”  

“Honeywell is pleased that Garrett is in a position to redeem Honeywell’s Series B preferred shares earlier than anticipated. We wish Garrett continued success,” said Darius Adamczyk, Honeywell chairman and CEO.

Upon completion of its financial restructuring on April 30, 2021, Garrett paid Honeywell $375 million in cash and issued the Honeywell Series B preferred stock. Garrett redeemed $211 million of Series B stock in the fourth quarter of 2021 and $197 million during the first quarter of 2022. After the $212 million early redemption to occur on June 28, there will no longer be any Series B stock outstanding.

You May Also Like

Insights on Mexico Industrial Real Estate

The interview focuses on industrial and commercial real estate in the Bajio and Northeast automotive regions.’s latest Audio Interview "Insights on Mexico Industrial Real Estate: Focus on the Bajio and Northeast Automotive Regions – June 2023" features Fernanda Martinez and Edgardo Hernandez, both with NAI Mexico.

Martinez is regional director serving the Bajio Region, and Hernandez is regional director serving the Northeast Region. NAI Mexico, part of the NAI Global network, is an industrial and commercial real estate firm, and operates 25 offices across Mexico and works with global customers, including many in the automotive industry.

Autoliv Names Petra Albuschus EVP, HR and Sustainability

Albuschus will succeed Per Ericson, who will retire.

Volvo to Sell 1,000 Electric Trucks to Holcim

The deal is the largest commercial order to date for Volvo electric trucks.

LIQUI MOLY Releases A/C System Cleaner

The cleaning solution is designed to improve the efficiency and lifespan of HVAC systems.

Cummins to Acquire Portion of Faurecia’s CV Exhaust Business

Cummins will purchase Faurecia’s commercial vehicle manufacturing plants in Columbus, Indiana, and Roermond, Netherlands.

Other Posts

Lear Opening Connection Systems Plant in Morocco 

Opening in Q3 2023, the facility will manufacture injection-molded parts and engineered plastics.

A Look at the NA Commercial Truck Aftermarket in 2023

John Blodgett, VP of sales and marketing with MacKay & Co., answers key questions on this market segment.

Hesai Opens Stuttgart Office to Accelerate Global Expansion

With this strategic move, Hesai says it aims to further tap into the European markets.

US Automakers to Host APEC Meeting in Detroit

The 37th Asia-Pacific Economic Cooperation event will focus on growth and development of EV/EV battery supply chains.