Business Wire

ABB Plans to Launch New Share Buyback of up to $3 Billion Following Completion of 2021-2022 Program

Share

ABB has completed its share buyback program that was launched in April 2021 as part of the company’s commitment to return to shareholders cash proceeds from the Power Grids divestment of $7.8 billion. Through this buyback program, ABB repurchased a total of 90,066,100 shares – equivalent to 4.15 percent of its issued share capital at launch of the buyback program – for a total amount of approximately $3.1 billion over the past 12 months. In total, since July 2020, ABB repurchased 218,686,689 shares under its Power Grids capital return program for a total amount of approximately $6.6 billion.

At today’s Annual General Meeting (AGM), as separately announced, ABB shareholders approved the cancellation of 88,403,189 shares: 74,782,600 shares purchased under the 2021-2022 program and 13,620,589 shares purchased under the initial Power Grids capital return program that had not been proposed for cancellation at ABB’s 2021 AGM.

Consistent with ABB’s capital allocation principles and its capital structure optimization program targeting to maintain a strong investment grade rating, ABB’s Board of Directors today approved a new share buyback program of up to $3 billion. As part of this program, the company intends to return to its shareholders the remaining $1.2 billion of the $7.8 billion of cash proceeds from the Power Grids divestment. The new program is expected to be launched in April 2022. It will be executed on a second trading line on the SIX Swiss Exchange and is planned to run until the company’s 2023 AGM.

ABB CFO Timo Ihamuotila said: “ABB targets to have a strong and efficient balance sheet. We are pleased to be in a position to announce this new share buyback program, fully aligned with ABB’s consistent capital allocation principles.”

ABB intends to request shareholders to approve the cancellation of the remaining shares purchased under the 2021-2022 program as well as those purchased under this new program at its 2023 AGM.

In addition, ABB intends to purchase up to 15 million shares until the 2023 AGM mainly for use in connection with its employee share plans.

ABB currently owns approximately 140 million treasury shares including the 88 million shares approved for cancellation at today’s AGM.

ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. 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 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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland

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

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

B2Broker Announced Annual Payments for B2Core, MarksMan, and B2Trader Products20.5.2022 11:00:00 EEST | Press release

B2Broker is excited to announce that it now offers an annual payment option for the three core products: MarksMan, B2Core, and B2Trader. With the introduction of this new plan, customers will be provided with a discount and a simpler approach to planning their budget. This change will allow the company to streamline its finances and improve cash flow. The annual plan is already applicable to all three products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220520005015/en/ B2Broker Announced Annual Payments for B2Core, MarksMan, and B2Trader Products (Graphic: Business Wire) MarksMan Whether you're a seasoned pro or just getting started in the world of digital assets, MarksMan is the perfect solution. With support for spot and perpetual futures liquidity, along with easy access to liquidity pools on major crypto exchanges, MarksMan has everything you need. There's no better time to test it out than now, with the basic packa

Harm Reduction Policies Key to Improve Europeans’ Health20.5.2022 07:00:00 EEST | Press release

Yesterday, the Platform for Better Preventive Healthcare organised a policy briefing “What are the next steps for the EU addictions policy”, hosted by Czech Member of the European Parliament (MEP) Radka Maxová (Socialists and Democrats). The briefing gathered healthcare experts and political stakeholders to discuss the Report of the Special Committee on Beating Cancer (BECA) adopted last February by the European Parliament. The discussion focused on the impact of COVID-19 on mental health and addictions management. Recent data shows that the pandemic led to an increase in addictive behaviours related to alcohol, gambling, tobacco and digital addictions among Europeans. Deferring to the best available scientific evidence, the BECA Report acknowledged the importance of harm reduction policies like the use of harm reduction products such as e-cigarettes. The panel discussion echoed the Report’s recommendations and Prof. Viktor Mravčík, Head of Science at the Institute of Rational Addictio

Align Technology Introduces Invisalign Outcome Simulator Pro, Next Generation Patient Communication Tool Featuring In-Face Visualization of a Patient’s Potential Future Smile in Minutes19.5.2022 23:41:00 EEST | Press release

Align Technology, Inc. (“Align”) (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign system of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry, today introduced Invisalign Outcome Simulator Pro, the next generation of its advanced patient communication tool. This enables doctors to show patients their potential new smile after Invisalign treatment, using in-face visualization and/or 3D dentition view, all done chairside in minutes. Invisalign Outcome Simulator Pro is available on iTero Element Plus Series scanners and imaging systems. Invisalign Outcome Simulator Pro expands Align’s existing Invisalign Outcome Simulator technology and adds the benefits of the Company’s ClinCheck “In-Face” Visualization tool that combines a photo of a patient’s face with their 3D treatment simulation, creating a truly personalized view of how their new smile could look. This

New Conviva Data Shows Double Digit Streaming Growth Worldwide; Smart TVs Growing Rapidly as Streaming Moves to Overtake Linear on the Big Screen19.5.2022 22:01:00 EEST | Press release

Global streaming grew 10% globally, including continued growth in mature markets like North America (5%) and Europe (9%), during the first quarter of 2022 as compared to Q1 2021, according to the latest State of Streaming report from Conviva, the continuous measurement analytics platform for streaming media. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005871/en/ Conviva's Q1 2022 State of Streaming Report Available Now! (Photo: Business Wire) “Despite recent news of Netflix’s subscriber contraction, streaming continues to grow worldwide, encompassing an ever-growing stable of platforms offering unique and original content,” said Keith Zubchevich, President and CEO, Conviva. “In mature markets like the US and Europe, viewers are upscreening from small devices to Smart TVs, setting the foundation for streaming to overtake linear TV on the big screen.” Conviva’s Q1 2022 report found big screens (which includes connecte

xFusion Held the European Partner Summit Under the Theme of "Together for a Better Future"19.5.2022 20:00:00 EEST | Press release

On May 19, xFusion held its first 2022 European Partner Summit in Paris, under the theme of "Together for a Better Future." xFusion Digital Technologies Co., Ltd. invited dozens of core partners from more than 10 countries, including France, Germany, Switzerland, Sweden, Poland, Hungary, and countries in the Nordic region to discuss the future and new value exploitation of the industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005813/en/ (Photo: Business Wire) Terry Fang, President of xFusion Global Marketing and Sales Department, gave a welcome speech on behalf of xFusion. Intel and other partners then shared the latest concepts and practices within the European digital economy, focusing on topics such as industrial digitization and intelligentization, while offering suggestions for the development of industrial digital intelligence. Cooperation with Partners for a New European Digital Ecosystem Europe is transi

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom