ABB ABB Ltd

   By Cecilia Butini 
 

Swiss engineering company ABB Ltd. said Thursday that it is planning to launch a new share buyback of up to $4.3 billion after it completed an initial one it launched in July 2020.

The new program is expected to be launched in April and run until the company's 2022 annual general meeting, it said. The company also intends to purchase up to 35 million shares until the 2022 AGM mainly for use in employee share plans, it said.

The 2020 buyback program--which was launched as part of the company's commitment to return cash proceeds from the Power Grids divestment--allowed the company to repurchase approximately $3.5 billion over the past 8 months, it said.

The company at the AGM on Thursday approved the cancellation of 115 million shares purchased under this program.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 25, 2021 13:16 ET (17:16 GMT)

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