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Gentex increases quarterly dividend by 10%

Auto parts maker Gentex Corp. said March 9 that it lowered its targeted cash position to $525 million from $700 million.

The company said the decreased value is still sufficient funding for the company's strategic initiatives.

Gentex also raised its quarterly dividend by 10% to 44 cents per share from 40 cents per share, payable April 18 to shareholders of record by April 6.

The company also announced a share repurchase authorization of approximately $425 million for 2018.

Furthermore, the company aims to repay a debt of $78 million during the first three quarters of 2018 since its current credit facility is maturing. In addition, its management secured line of credit of up to $150 million, as authorized by the board, to support future business needs.