UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
 
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2024
Commission File Number 001-16429
ABB Ltd
(Translation of registrant’s name into English)
Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether
 
the registrant files or will file
 
annual reports under cover of Form 20-F
 
or Form 40-F.
Form 20-F
☒
Form 40-F
⬜
Indicate by check mark if the registrant
 
is submitting the Form 6-K in paper
 
as permitted by Regulation S-T Rule
 
101(b)(1):
⬜
Note:
 
Regulation S-T Rule 101(b)(1) only
 
permits the submission in paper of
 
a Form 6-K if submitted solely to provide
 
an attached
annual report to security holders.
Indication by check mark if the registrant
 
is submitting the Form 6-K in paper
 
as permitted by Regulation S-T Rule
 
101(b)(7):
⬜
Note:
 
Regulation S-T Rule 101(b)(7) only
 
permits the submission in paper of
 
a Form 6-K if submitted to furnish a
 
report or other
document that the registrant foreign
 
private issuer must furnish
 
and make public under the laws
 
of the jurisdiction in which the
registrant is incorporated, domiciled
 
or legally organized (the registrant’s “home country”), or
 
under the rules of the home country
exchange on which the registrant’s securities are traded,
 
as long as the report or other document
 
is not a press release, is not required
to be and has not been distributed to
 
the registrant’s security holders, and, if discussing
 
a material event, has already been
 
the subject
of a Form 6-K submission or other Commission
 
filing on EDGAR.
Indicate by check mark whether
 
the registrant by furnishing the
 
information contained in this Form is
 
also thereby furnishing the
information to the Commission pursuant
 
to Rule 12g3-2(b) under the Securities
 
Exchange Act of 1934.
Yes
⬜
No
☒
If “Yes” is marked, indicate below the file number assigned to the
 
registrant in connection with Rule 12g3-2(b):
 
82-
 
This Form 6-K consists of the following:
1.
Press release issued by ABB Ltd dated
 
March 28, 2024, titled “ABB launches
 
new share buyback program of
 
up to
$1 billion”.
2.
Press release issued by ABB Ltd dated March
 
27, 2024, titled “Tarak Mehta to leave ABB”.
2
march282024p3i0
—
ZURICH, SWITZERLAND,
 
MARCH 28,
 
2024
ABB launches new share buyback
program of up to $1 billion
On April 1, 2024, ABB will launch
 
its previously announced new
 
share buyback program of up to $1
 
billion.
Based on the current ABB share price
 
this represents a maximum of
 
approximately 21.3 million
 
shares. The
maximum number of shares
 
that may be repurchased under
 
this new program on any given
 
trading day
is 692,486.
This new program is consistent with
 
ABB’s capital allocation principles
 
targeting to maintain a strong
investment grade rating. Since July
 
2020, ABB has repurchased
 
about 308 million shares for capital
reduction purposes for a total amount
 
of approximately $9.4 billion.
The total number of ABB’s issued shares
 
is 1,882,002,575. This includes
 
21,387,687 shares that were
repurchased under the 2023–2024
 
share buyback program and are expected
 
to be cancelled in Q2 2024.
ABB will use the capital band
 
approved at its Annual General
 
Meeting 2023 for cancellation
 
of these shares.
ABB currently owns approximately
 
30 million treasury shares.
The new share buyback program is
 
for capital reduction purposes
 
and will be executed on a second
 
trading
line on the SIX Swiss Exchange
 
(Valor: 35.767.961; ISIN: CH035 767 961 9). It is planned
 
to run from
April 2, 2024, until January 31, 2025,
 
following a decision to adjust
 
the timing of its share buyback
 
cycle to
align with the announcement
 
of its Q4 2024 results and 2024 dividend
 
proposal.
The new share buyback program will
 
be managed by a bank mandated
 
by ABB that, based on trading
parameters received from ABB, will
 
make its trading decisions
 
concerning the timing of share
 
repurchases
independently of ABB. ABB can
 
change these parameters outside
 
of its closed periods and if it is not
 
in
possession of any inside information.
The purchase price per share will
 
not exceed the higher of
 
the price of the last independent
 
trade on the
ordinary trading line on the SIX
 
Swiss Exchange and the highest
 
current independent bid price
 
on the
ordinary trading line on the SIX
 
Swiss Exchange. In addition,
 
customary spreads on purchases
 
on the
second trading line on the SIX Swiss
 
Exchange will be paid,
 
observing the limitations of the Ordinance
 
on
Financial Market Infrastructures and
 
Market Conduct in Securities
 
and Derivatives Trading (FMIO). Payment
for the shares will be made in cash.
The buyback program is being
 
carried out in accordance with the
 
Ordinance on Financial Market
Infrastructures and Market Conduct in
 
Securities and Derivatives
 
Trading (FMIO), the Market Abuse
Regulation (EU) No 596/2014
 
and the Commission Delegated
 
Regulation (EU) No 2016/1052.
 
Weekly
updates on the program will be published
 
on ABB’s investor relations website at
https://global.abb/group/en/investors/investor-and-shareholder-resources/share-buybacks
 
and issued by
press release.
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
1/2
 
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 governmental regulations
 
and currency
exchange rates and such other
 
factors as may be discussed
 
from time to time in ABB Ltd’s filings
 
with the
U.S. Securities and Exchange Commission,
 
including its Annual Reports
 
on Form 20-F. Although ABB Ltd
believes that its expectations reflected
 
in any such forward-looking
 
statement are based upon reasonable
assumptions, it can give no assurance
 
that those expectations will be achieved.
—
For more information please
 
contact:
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
ABB LAUNCHES NEW
 
SHARE BUYBACK
 
PROGRAM OF UP
 
TO $1 BILLION
2/2
march282024p3i0
—
ZURICH, SWITZERLAND,
 
MARCH 27,
 
2024
Tarak
 
Mehta to leave ABB
ABB announced today that Tarak Mehta, President Motion
 
Business Area and Member of the
 
Executive
Committee, has decided to leave
 
ABB since he has accepted
 
the role as CEO of another company. Tarak
will leave ABB at the end of July
 
this year.
Tarak joined ABB in 1998 and has since then held a number of positions
 
of increasing responsibility
 
in the
United States, Sweden and Switzerland.
 
He joined ABB’s Executive Committee
 
in 2010 and was appointed
to his current position in April 2022.
 
“Throughout his 26 year career at ABB,
 
Tarak has demonstrated exceptional leadership. As Executive
Committee member and Business
 
Area President, Tarak has contributed to achieving
 
a record high
operational EBITA margin in the past year in our Motion
 
business and the Business Area is
 
well-positioned
to contribute to ABB’s higher financial
 
targets going forward. Before
 
that, he played a key role in
 
further
strengthening our leading
 
position in the United States, ABB’s largest
 
market, for our Electrification
business,” said CEO Björn Rosengren.
 
“We thank Tarak for his outstanding contribution to the success
 
of
our company and wish him all the best
 
for both his professional
 
and personal future endeavors.”
“I would like to express my sincere
 
gratitude and appreciation
 
to everyone I have worked with over
 
the years.
Thank you for your support, efforts, guidance
 
and the results we have achieved
 
together. It has been a
wonderful journey of 26 years filled
 
with challenges and opportunities
 
as well as personal and professional
growth. I wish the ABB team a
 
continued bright future,”
 
said Tarak Mehta.
A search process for the position
 
of President, Motion
 
Business Area will be launched
 
shortly.
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
—
For more information please
 
contact:
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
1/1
 
 
SIGNATURES
Pursuant to the requirements of the Securities
 
Exchange Act of 1934, the registrant
 
has duly caused this report to be
signed on its behalf by the undersigned,
 
thereunto duly authorized.
ABB LTD
Date: March 28, 2024.
By:
/s/ Ann-Sofie Nordh
Name:
Ann-Sofie Nordh
Title:
Group Senior Vice President and
 
Head of Investor Relations
Date: March 28, 2024.
By:
/s/ Richard A. Brown
Name:
Richard A. Brown
Title:
Group Senior Vice President and
Chief Counsel Corporate & Finance
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