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

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

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 22:41:00 CEST | 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 21:01:00 CEST | 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 19:00:00 CEST | 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

RMS Expands Global Risk Views Coverage19.5.2022 16:30:00 CEST | Press release

RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, announces it will be launching new global views for acute and chronic perils and their climate change impact. RMS already offers a range of regional peril and climate change models, which support detailed acute physical loss modeling products, as well as data products covering hazard and risk scores, and loss costs for individual locations, across multiple time horizons. RMS climate change models and data products have been welcomed by the market, and allow users to stress test portfolio management, risk mitigation, and adaption strategies. The newly announced global views significantly extend RMS’s peril and climate change impact coverage to provide fully correlated global views of risk, and include event frequency and severity, and analysis for current baseline and future climate views. With these new global views, RMS not only delivers a view of risk for acute peril-specific risks, but also chro

Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 202219.5.2022 16:29:00 CEST | Press release

GIGABYTE, a world leader in computer technology, will be presenting “Power of Computing” as its theme of the year, and exhibiting its leading products and solutions designed for various industries and fields in the upcoming COMPUTEX Taipei. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005640/en/ Envision the Future and Take on the Power of Computing with GIGABYTE at COMPUTEX 2022 GIGABYTE has curated its presentation around the theme “Power of Computing” to demonstrate that, everything from the cloud to the edge, from team collaboration to individual creation, from business applications to personal use, computing done by servers in data centers to process massive data and embedded systems in IoT and personal computers to render real-time information is the key behind groundbreaking innovations that appear in the fields of AI, cloud deployment, smart technologies, and digital content creation, etc. Data Center is an i