Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


ZURICH (Reuters) – ABB will launch its new $1 billion share buyback on April 3, the Swiss engineering company said on Friday, with the intention to buy up to 30 million of its shares.

The buyback is the latest by ABB, which has repurchased around 286 million shares for roughly $8.6 billion since July 2020.

The new scheme, announced on March 23, will see the equivalent of around 1.5% of ABB’s issued shares being bought back and canceled. It will run until March 20, 2024.

This new program is consistent with ABB’s capital allocation principles and aits capital structure optimization program targeting to maintain a strong investment grade rating,” ABB said on Friday.

The maker of industrial robots, drives and control systems has focused on buybacks in recent years instead of big acquisitions as it seeks to simplify its business under Chief Executive Bjorn Rosengren.

Since former Sandvik boss Rosengren took charge in March 2020, the Zurich-based company has sold four businesses and spun off its Accelleron turbocharger business to its shareholders.

In January, ABB sold its power conversion business to AcBel Polytech Inc for $505 million, while in December it completed the final stage of the sale of its power grids business to Hitachi, which brought in $1.4 billion.

The company is also looking to float its 2.6 billion Swiss franc ($2.85 billion) E-Mobility electric vehicle charging business, although the IPO has been delayed until ABB sees better market conditions.

The moves, coupled with ABB’s improved performance, have helped the company’s share price increase by nearly 54% since Rosengren took charge, outpacing the 11% rise by the Swiss Market Index.

($1 = 0.9136 Swiss francs)


(Reporting by John Revill, Editing by Rachel More and Mark Potter)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts