ABB plans to initiate a buyback of new shares after the completion of the initial program

Create Date: 2024-8-30 12:03:23|Source: ABB

A follow-up share repurchase program is expected to begin in April 2021 and continue through the 2022 Annual General Meeting.

ABB has completed its initial share repurchase program, which was launched in July 2020, as part of the company's commitment to return to shareholders the cash proceeds from the $7.6 billion to $7.8 billion grid divestment. Through the initial buyback program, ABB has repurchased a total of 128,620,589 shares over the past eight months – equivalent to 5.93% of its issued share capital at the time of the buyback program – for a total amount of approximately $3.5 billion.

At today's Annual General Meeting of Shareholders (AGM), as announced separately, ABB shareholders approved the cancellation of 115 million shares purchased under the initial share repurchase program.

In line with ABB's capital structure optimization plan, ABB's board of directors today approved a further share repurchase program of up to $4.3 billion. In accordance with today's decision, the Board of Directors confirmed ABB's intention to return to shareholders $7.8 billion in cash proceeds from the divestment of the grid through share buybacks. The program is expected to launch in April 2021. It will be executed on the second trading line of six Switzerland exchanges and is scheduled to last until the company's annual general meeting in 2022.

ABB intends to ask shareholders to approve the cancellation of the remaining shares purchased under the initial plan and the shares purchased under the new plan at the 2022 Annual General Meeting.

In addition, ABB plans to purchase up to 35 million shares before the 2022 Annual General Meeting, mainly for its employee stock plan.

ABB currently has approximately 163 million treasury shares, including 115 million shares approved for cancellation at today's AGM.

ABB plans to initiate a buyback of new shares after the completion of the initial program

More on that

	ABB lights up Diriyah's electric car Season 7 of the ABB FIA Formula E World Championship will feature its first-ever night race in Saudi Arabia. ABB pushes the boundaries of technology to conserve resources and achieve a low-carbon society. On February 26, as night fell in Riyadh, the capital of Saudi Arabia, ABB FIA Formula E ...
	Special report on the robot industry: the evolution trend of industrial robots from ABB Industrial robots: gradually moving towards intelligence/generalization, and the prospects for industrial application are promising Development history: industrial robots are moving towards intelligent/generalized development The development process of industrial robots can be divided into three stages: technology embryonic stage (in the 50-60s of the 20th century, the first generation of industrial ...
	ABB wins major power and propulsion orders for five Fincantieri vessels To strengthen its position as a preferred supplier to the cruise industry, ABB will equip five new-build vessels with the Azipod® electric propulsion system, which has been proven to significantly reduce fuel consumption on board. Each cruise ship will be powered by twin Azipod® units, making five newfound ...
	Singapore's National Water Authority PUB selected ABB to automate the world's largest membrane bioreactor Singapore's National Water Authority PUB has awarded ABB a contract worth approximately US$30 million (S$40.5 million) to provide a complete plant-wide monitoring system for the Tuas Water Reclamation Plant (WRP). Covering an area 30% more compact than traditional factories, Tuas WRP is the largest sewage station in Singapore's deep tunnels.
	ABB software helps ships increase efficiency and reduce fuel consumption Amplifying insights into vessel operational data through artificial intelligence (AI) can help save up to 10% on fuel and reduce costs. Unlocking the value of advanced analytics can increase vessel uptime and reduce essential service access by up to 30%. Including artificial intelligence, data integration ...
	To accelerate the electrification of the fleet, ABB E-Mobility has launched the HVC360 charging solution In recent years, as many countries have made the decarbonization of road transport a priority in their policies to address climate change, the development of transportation electrification has made great progress. Although the addition of more and more public charging piles is beneficial to electric vehicle owners, the number of these public charging piles alone cannot meet the needs of electric vehicles.
	ABB wins framework contract worth more than $100 million to strengthen Italy's power grid Terna has been contracted by ABB Power Grids to supply gas-insulated switchgear in a European tender ABB signed a four-year framework contract with Terna, the Italy transmission system operator (TSO), valued at more than $100 million. TSO assigns the role of assurance, assurance, and dispatch of the whole ...
	ABB has been selected by IONITY for the second phase of the expansion of the European charging network ABB has received an additional order from IONITY for an additional 324 350 kW high-power electric vehicle (EV) chargers. As part of the second phase of its network expansion, these chargers will be available in 24 countries by the end of 2020. The financial details of the order are not disclosed.
	ABB Robotics & Discrete Automation outlines a profitable growth strategy Businesses have the ability to use structural augmentation opportunities Balance brings resilience in an over-the-top shopping mall environment ABB Robotics & Discrete Automation (RA) reaffirmed a 13-17% margin corridor ABB's robotics and discrete automation (RA) transactions are located in its German ...
	ABB has won a US$79 million order for the Bab onshore project in Abu Dhabi In the second quarter of 2018, China National Petroleum Engineering Construction Corporation (CPECC) awarded ABB an order for integrated automation, electrification and telecommunications for the upgrade of the Bab onshore oil field in Abu Dhabi, with a total value of US$79 million. Covering an area of 1,200 square kilometres, the Bab field is the largest onshore oil field in Abu Dhabi ...
	ABB robots increase automation in the solar industry Producing a solar collector every six minutes, ABB robots make Absolicon's solar technology a cost-competitive alternative to traditional heating. In order to achieve the transition to a sustainable society and conserve resources, the production of solar collector panels must be precise, efficient and ...
	ABB provides charging solutions for Dongfeng Honda's EV models The AC and DC chargers have been supplied to Dongfeng Honda, a joint venture between China's Dongfeng Motor Group and Japan's Honda Motor Company, to support the final factory inspection of its best-selling models. ABB units have been installed on the EV assembly line, allowing each EV to be tested before leaving the factory ...
	Empowered by digital intelligence, ABB and Jiangsu Provincial Hospital of Integrated Traditional Chinese and Western Medicine jointly explore a new path for the construction of smart hospitals 1►ABB UniGear ZS1 500mm cabinet width air-insulated metal-enclosed switchgear can manage the health of equipment throughout its life cycle, providing more reliable and intelligent power protection. 2►MNS3.0 low-voltage switchgear effectively prevents the occurrence of fault arc and meets the requirements of earthquake resistance and shock resistance, ...
	ABB Robotics Gigafactory officially opened in Shanghai BB invested US$500 million and built a new robot factory covering an area of 67,000 square meters The new production facility and the open innovation center in collaboration with customers will apply digitalization and automation to create a new generation of robots The new Gigafactory and R&D center will further strengthen ABB's presence in machine building.
	ABB launches the game-changing ABB Ability™ eMine for a quick transition to an all-electric mine eMine™ encompasses purposeful approaches, methodologies, and an integrated portfolio of electrification and digital systems designed to accelerate the decarbonization of the mining industry ABB is also piloting ABB Ability™ eMine FastCharge, the world's fastest and only fully automated trailer charging system that offers high...
	Introduction to ABb soft starters ABB's soft-start prevents the motor from being energized, thus extending the life of the motor. When the motor is started by the traditional starting method, the starting stress is large, and the starting current can be optimized by using the soft starting method. Built-in a variety of motor protection devices, which can effectively ensure the safety of motor operation. ABB's soft boot ...
	ABB joins the new Global Operational Technology Cybersecurity Alliance The Operational Skills Cybersecurity Consortium will develop a comprehensive cybersecurity strategy for the Operational Skills Infrastructure ABB, a leader in professional digital skills, has joined a new alliance to provide skills and structures for safe and reliable operational skills (OT). Operational Skills Cyber Security Consortium ...
	ABB partners with HPE to reduce the energy consumption of supercomputers ABB is working with its global strategic partner, Hewlett-Packard Enterprise (HPE), to develop technologies that significantly reduce the energy consumption of high-performance supercomputers while increasing their computing power and reliability. The answers to some of society's most pressing challenges are hidden in massive amounts of data. The world's top ...
	ABB: Our path forward ABB will host an investor webcast today (June 10) at 14:00 CEST, where CEO Björn Rosengren will present his initial impressions of the group's strategy since joining the company at the beginning of the year, as well as details about his current priorities. The focus will be on the package ...
	What are the features of ABB's PLC? 1. High reliability and strong anti-interference ability High reliability and strong anti-interference ability are one of the most important features of PLC. The average time between failures of PLC can reach hundreds of thousands of hours, and the reason why it has such a high reliability is that it adopts a series of hardware and software anti-interference measures.