By Ed Frankl 
 

ABB Ltd. said Thursday that it plans to launch a new share-buyback program worth up to $3 billion.

The latest buyback, announced at ABB's 2022 annual general meeting, follows the completion of its 2021-22 program, which repurchased shares for around $3.1 billion, the Zurich-based industrial company said.

The $3 billion program would begin in April and run until the 2023 AGM, ABB said.

The company said the buyback would exceed the remaining $1.2 billion it intended to return to shareholders from the $7.8 billion net proceeds of its Power Grids divestment to Hitachi that completed in July 2020.

ABB has repurchased shares for a total of around $6.6 billion since then, it said.

The company added that it will request shareholders approve the cancellation of the remaining shares purchased under the 2021-22 program, as well as those purchased under this new program at its 2023 AGM.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

March 24, 2022 13:21 ET (17:21 GMT)

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