UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2023
Commission File Number 001-16429
ABB Ltd
(Translation of registrant’s name into English)
Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
☒
Form 40-F
⬜
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
⬜
Note:
annual report to security holders.
Indication by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
⬜
Note:
document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country
exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject
of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
⬜
No
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
This Form 6-K consists of the following:
1.
Press release issued by ABB Ltd dated March 31, 2023, titled “ABB launches new share buyback program of up to
$1 billion”.
2
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ZURICH, SWITZERLAND, MARCH 31, 2023
ABB launches new share buyback
program of up to $1 billion
On April 3, 2023, ABB will launch its previously announced new share buyback program of up to $1 billion.
Based on the current ABB share price this represents a maximum of approximately 30 million shares. The
maximum number of shares that may be repurchased under this new program on any given trading day
is 762,196.
This new program is consistent with ABB’s capital allocation principles and its capital structure optimization
program targeting to maintain a strong investment grade rating. Since July 2020, ABB has repurchased
about 286 million shares for capital reduction purposes for a total amount of approximately $8.6 billion.
The total number of ABB’s issued shares is 1,964,745,075. This includes 82,742,500 shares that were
repurchased under the share buyback programs 2021/22 and 2022/23 and remain to be cancelled. ABB will
use the new capital band approved at its Annual General Meeting 2023 for cancellation of these shares. ABB
currently owns approximately 103 million treasury shares.
The new share buyback program is for capital reduction purposes and will be executed on a second trading
line on the SIX Swiss Exchange (Valor: 35.767.961; ISIN: CH035 767 961 9). It is planned to run from
April 3, 2023, until March 20, 2024. ABB intends to cancel the shares repurchased under the new program
using the newly introduced capital band in due course.
The new share buyback program will be managed by a bank mandated by ABB that, based on trading
parameters received from ABB, will make its trading decisions concerning the timing of share repurchases
independently of ABB. ABB can change these parameters outside of its closed periods and if it is not in
possession of any inside information.
The purchase price per share will not exceed the higher of the price of the last independent trade on the
ordinary trading line on the SIX Swiss Exchange and the highest current independent bid price on the
ordinary trading line on the SIX Swiss Exchange. In addition, customary spreads on purchases on the
second trading line on the SIX Swiss Exchange will be paid, observing the limitations of the Ordinance on
Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIO). Payment
for the shares will be made in cash.
The buyback program is being carried out in accordance with the Ordinance on Financial Market
Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIO), the Market Abuse
Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052. Weekly
updates on the program will be published on ABB’s investor relations website at
https://global.abb/group/en/investors/investor-and-shareholder-resources/share-buybacks and issued by
press release.
ABB
resource-efficient future. The company’s solutions connect engineering know-how and software to optimize
how things are manufactured, moved, powered and operated. Building on more than 130 years of
excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial
transformation. www.abb.com
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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.
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For more information please contact:
Media Relations
Phone: +41 43 317 71 11
Email: [email protected]
Investor Relations
Phone: +41 43 317 71 11
Email: [email protected]
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
ABB LAUNCHES NEW SHARE BUYBACK PROGRAM OF UP TO $1 BILLION
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
ABB LTD
Date: March 31, 2023.
By:
/s/ Ann-Sophie Nordh
Name:
Ann-Sofie Nordh
Title:
Group Senior Vice President and
Head of Investor Relations
Date: March 31, 2023.
By:
/s/ Richard A. Brown
Name:
Richard A. Brown
Title:
Group Senior Vice President and
Chief Counsel Corporate & Finance