TE Connectivity plc (TEL), a global industrial technology leader, has successfully completed its move from Switzerland to Ireland. This change in incorporation means that each shareholder of TE Connectivity Ltd. now holds one share of TE Connectivity plc, a company established under Irish law. This significant shift maintains TE Connectivity’s status as a U.S. Securities and Exchange Commission reporting company, with its ordinary shares continuing to be traded on the New York Stock Exchange (NYSE) under the symbol TEL.
The company also provided updates regarding dividends. Shareholders had previously approved the distribution of a dividend payable from reserves from capital contributions, with payment scheduled in four equal quarterly installments of $0.65. The first installment for TE Connectivity’s fiscal quarter of 2025 will be paid on December 6, 2024, to shareholders of record on November 22, 2024. The second installment will follow on March 7, 2025, to shareholders of record on February 21, 2025. Subsequent dividends for TE Connectivity’s third fiscal quarter of 2025 and beyond will be declared and paid quarterly by the Board of Directors as outlined in Irish law.
TE Connectivity also announced plans to reduce its share premium account to create distributable reserves, following the reincorporation. This action, approved by shareholders at a Special General Meeting on June 12, 2024, is a necessary step under Irish law. TE will apply to the Irish High Court for an order to approve the reduction of its company capital by canceling the entire amount standing to the credit of its share premium account. The date of the hearing before the Irish High Court will be published on TE.com once determined.
TE Connectivity remains dedicated to its mission of creating a safer, more sustainable, productive, and connected future. With over 85,000 employees, including 8,000 engineers, working alongside customers in approximately 140 countries, TE Connectivity ensures that EVERY CONNECTION COUNTS.
