—
ZURICH, SWITZERLAND,
MARCH 2
1
, 202
4
ABB plans to launch new share
buyback of up to $1 billion following
completion of 2023-2024 program
ABB has completed its share buyback
program that was launched
in April 2023. Through this buyback
program, ABB repurchased a total
of 21,387,687 shares – equivalent
to 1.09 percent of its issued share
capital at launch of the buyback program
– for a total amount of approximately
$0.83 billion over the past
12 months.
ABB’s Board of Directors intends to use
the capital band approved
at the 2023 Annual General Meeting to
cancel all shares repurchased
under the 2023–2024 share buyback
program.
Consistent with ABB’s capital allocation
principles, the Board of Directors
today approved a new share
buyback program for capital reduction
purposes of up to $1 billion.
The new program is expected to be
launched in early April 2024.
It will be executed on a second trading
line on the SIX Swiss Exchange
and is
planned to run until January 31, 2025.
The company has decided
to adjust the timing of its share buyback
cycle to align with the announcement
of its Q4 2024 results and 2024
dividend proposal.
ABB intends to also use the capital
band for the cancellation
of the shares repurchased under
this new
program.
In addition, ABB intends to purchase up
to 10 million shares by the end of
January 2025 mainly for use in
connection with its employee share
plans. The purchases
will be made at the market price
on the ordinary
trading line on the SIX Swiss Exchange.
ABB currently owns approximately
47 million treasury shares,
including 21 million
shares repurchased for
cancellation purposes.
ABB
is a technology leader in electrification
and automation, enabling
a more sustainable and resource-
efficient future. The company’s solutions connect
engineering know-how
and software to optimize how
things are manufactured, moved, powered
and operated. Building
on over 140 years of excellence, ABB’s
more than 105,000 employees are
committed to driving innovations
that accelerate industrial
transformation. www.abb.com
Important notice about
forward-looking information
This press release includes
forward-looking information
and statements concerning
the share buyback program.
These
statements are based on
current expectations,
estimates and projections
about the factors
that may affect our future
performance, and are generally
identifiable by statements
containing words such
as “intends”, “expects,”
“plans”, or
similar expressions. However, there
are many risks and
uncertainties, many of
which are beyond
our control, that could
affect our ability to achieve
any or all of our stated
targets. Factors that
could cause such differences
include, among
others, business risks associated
with the volatile
global economic environment
and political conditions,
changes in
1/2