march282024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATEISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2024
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 whetherthe registrant files or will fileannual reports under cover of Form 20-For Form 40-F.
Form 20-F
☒
Form 40-F
⬜
Indicate by check mark if the registrantis submitting the Form 6-K in paperas permitted by Regulation S-T Rule101(b)(1):
⬜
Note:
Regulation S-T Rule 101(b)(1) onlypermits the submission in paper ofa Form 6-K if submitted solely to providean attached
annual report to security holders.
Indication by check mark if the registrantis submitting the Form 6-K in paperas permitted by Regulation S-T Rule101(b)(7):
⬜
Note:
Regulation S-T Rule 101(b)(7) onlypermits the submission in paper ofa Form 6-K if submitted to furnish areport or other
document that the registrant foreignprivate issuer must furnishand make public under the lawsof the jurisdiction in which the
registrant is incorporated, domiciledor legally organized (the registrant's "home country"), orunder the rules of the home country
exchange on which the registrant's securities are traded,as long as the report or other documentis not a press release, is not required
to be and has not been distributed tothe registrant's security holders, and, if discussinga material event, has already beenthe subject
of a Form 6-K submission or other Commissionfiling on EDGAR.
Indicate by check mark whetherthe registrant by furnishing theinformation contained in this Form isalso thereby furnishing the
information to the Commission pursuantto Rule 12g3-2(b) under the SecuritiesExchange Act of 1934.
Yes
⬜
No
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If "Yes" is marked, indicate below the file number assigned to theregistrant in connection with Rule 12g3-2(b):82-
This Form 6-K consists of the following:
1.
Press release issued by ABB Ltd datedMarch 28, 2024, titled "ABB launchesnew share buyback program ofup to
$1 billion".
2.
Press release issued by ABB Ltd dated March27, 2024, titled "Tarak Mehta to leave ABB".
2
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ZURICH, SWITZERLAND,MARCH 28,2024
ABB launches new share buyback
program of up to $1 billion
On April 1, 2024, ABB will launchits previously announced newshare buyback program of up to $1billion.
Based on the current ABB share pricethis represents a maximum ofapproximately 21.3 millionshares. The
maximum number of sharesthat may be repurchased underthis new program on any giventrading day
is 692,486.
This new program is consistent withABB's capital allocation principlestargeting to maintain a strong
investment grade rating. Since July2020, ABB has repurchasedabout 308 million shares for capital
reduction purposes for a total amountof approximately $9.4 billion.
The total number of ABB's issued sharesis 1,882,002,575. This includes21,387,687 shares that were
repurchased under the 2023-2024share buyback program and are expectedto be cancelled in Q2 2024.
ABB will use the capital bandapproved at its Annual GeneralMeeting 2023 for cancellationof these shares.
ABB currently owns approximately30 million treasury shares.
The new share buyback program isfor capital reduction purposesand will be executed on a secondtrading
line on the SIX Swiss Exchange(Valor: 35.767.961; ISIN: CH035 767 961 9). It is plannedto run from
April 2, 2024, until January 31, 2025,following a decision to adjustthe timing of its share buybackcycle to
align with the announcementof its Q4 2024 results and 2024 dividendproposal.
The new share buyback program willbe managed by a bank mandatedby ABB that, based on trading
parameters received from ABB, willmake its trading decisionsconcerning the timing of sharerepurchases
independently of ABB. ABB canchange these parameters outsideof its closed periods and if it is notin
possession of any inside information.
The purchase price per share willnot exceed the higher ofthe price of the last independenttrade on the
ordinary trading line on the SIXSwiss Exchange and the highestcurrent independent bid priceon the
ordinary trading line on the SIXSwiss Exchange. In addition,customary spreads on purchaseson the
second trading line on the SIX SwissExchange will be paid,observing the limitations of the Ordinanceon
Financial Market Infrastructures andMarket Conduct in Securitiesand Derivatives Trading (FMIO). Payment
for the shares will be made in cash.
The buyback program is beingcarried out in accordance with theOrdinance on Financial Market
Infrastructures and Market Conduct inSecurities and DerivativesTrading (FMIO), the Market Abuse
Regulation (EU) No 596/2014and the Commission DelegatedRegulation (EU) No 2016/1052.Weekly
updates on the program will be publishedon ABB's investor relations website at
https://global.abb/group/en/investors/investor-and-shareholder-resources/share-buybacksand issued by
press release.
ABB
is a technology leader in electrificationand automation, enablinga more sustainable and
resource-efficient future. The company's solutionsconnect engineeringknow-how and software to optimize
how things are manufactured, moved,powered and operated.Building on over 140 years of excellence,
ABB's more than 105,000 employeesare committed to drivinginnovations that accelerate industrial
transformation. www.abb.com
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Important notice about forward-lookinginformation
This press release includes forward-lookinginformation and statements concerningthe share buyback
program. These statements are basedon current expectations, estimatesand projections aboutthe factors
that may affect our future performance, andare generally identifiableby statements containing words such
as "intends", "expects," "plans", orsimilar expressions. However, there are manyrisks and uncertainties,
many of which are beyond our control,that could affect our ability to achieve anyor all of our stated targets.
Factors that could cause such differencesinclude, among others, business risksassociated with the volatile
global economic environmentand political conditions, changesin governmental regulationsand currency
exchange rates and such otherfactors as may be discussedfrom time to time in ABB Ltd's filingswith the
U.S. Securities and Exchange Commission,including its Annual Reportson Form 20-F. Although ABB Ltd
believes that its expectations reflectedin any such forward-lookingstatement are based upon reasonable
assumptions, it can give no assurancethat those expectations will be achieved.
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For more information pleasecontact:
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
ABB LAUNCHES NEWSHARE BUYBACKPROGRAM OF UPTO $1 BILLION
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ZURICH, SWITZERLAND,MARCH 27,2024
TarakMehta to leave ABB
ABB announced today that Tarak Mehta, President MotionBusiness Area and Member of theExecutive
Committee, has decided to leaveABB since he has acceptedthe role as CEO of another company. Tarak
will leave ABB at the end of Julythis year.
Tarak joined ABB in 1998 and has since then held a number of positionsof increasing responsibilityin the
United States, Sweden and Switzerland.He joined ABB's Executive Committeein 2010 and was appointed
to his current position in April 2022.
"Throughout his 26 year career at ABB,Tarak has demonstrated exceptional leadership. As Executive
Committee member and BusinessArea President, Tarak has contributed to achievinga record high
operational EBITA margin in the past year in our Motionbusiness and the Business Area iswell-positioned
to contribute to ABB's higher financialtargets going forward. Beforethat, he played a key role infurther
strengthening our leadingposition in the United States, ABB's largestmarket, for our Electrification
business," said CEO Björn Rosengren."We thank Tarak for his outstanding contribution to the successof
our company and wish him all the bestfor both his professionaland personal future endeavors."
"I would like to express my sinceregratitude and appreciationto everyone I have worked with overthe years.
Thank you for your support, efforts, guidanceand the results we have achievedtogether. It has been a
wonderful journey of 26 years filledwith challenges and opportunitiesas well as personal and professional
growth. I wish the ABB team acontinued bright future,"said Tarak Mehta.
A search process for the positionof President, MotionBusiness Area will be launchedshortly.
ABB
is a technology leader in electrificationand automation, enablinga more sustainable and
resource-efficient future. The company's solutionsconnect engineeringknow-how and software to optimize
how things are manufactured, moved,powered and operated.Building on over 140 years of excellence,
ABB's more than 105,000 employees arecommitted to drivinginnovations that accelerate industrial
transformation. www.abb.com
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For more information pleasecontact:
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
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SIGNATURES
Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registranthas duly caused this report to be
signed on its behalf by the undersigned,thereunto duly authorized.
ABB LTD
Date: March 28, 2024.
By:
/s/ Ann-Sofie Nordh
Name:
Ann-Sofie Nordh
Title:
Group Senior Vice President and
Head of Investor Relations
Date: March 28, 2024.
By:
/s/ Richard A. Brown
Name:
Richard A. Brown
Title:
Group Senior Vice President and
Chief Counsel Corporate & Finance
Attachments
Disclaimer
ABB Ltd. published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 18:45:02 UTC.