6-K
Abb Ltd (ABBNY)
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 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 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:
Regulation S-T Rule 101(b)(1) only
permits the submission in paper of
a Form 6-K if submitted solely to provide
an attached
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:
Regulation S-T Rule 101(b)(7) only
permits the submission in paper of
a Form 6-K if submitted to furnish a
report or other
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 28, 2024, titled “ABB launches
new share buyback program of
up to
$1 billion”.
2.
Press release issued by ABB Ltd dated March
27, 2024, titled “Tarak Mehta to leave ABB”.
2
—
ZURICH, SWITZERLAND,
MARCH 28,
2024
ABB launches new share buyback
program of up to $1 billion
On April 1, 2024, 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 21.3 million
shares. The
maximum number of shares
that may be repurchased under
this new program on any given
trading day
is 692,486.
This new program is consistent with
ABB’s capital allocation principles
targeting to maintain a strong
investment grade rating. Since July
2020, ABB has repurchased
about 308 million shares for capital
reduction purposes for a total amount
of approximately $9.4 billion.
The total number of ABB’s issued shares
is 1,882,002,575. This includes
21,387,687 shares that were
repurchased under the 2023–2024
share buyback program and are expected
to be cancelled in Q2 2024.
ABB will use the capital band
approved at its Annual General
Meeting 2023 for cancellation
of these shares.
ABB currently owns approximately
30 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 2, 2024, until January 31, 2025,
following a decision to adjust
the timing of its share buyback
cycle to
align with the announcement
of its Q4 2024 results and 2024 dividend
proposal.
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
is a technology leader in electrification
and automation, enabling
a more sustainable and
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 over 140 years of excellence,
ABB’s more than 105,000 employees
are committed to driving
innovations that accelerate industrial
transformation. www.abb.com
1/2
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.
—
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
2/2
—
ZURICH, SWITZERLAND,
MARCH 27,
2024
Tarak
Mehta to leave ABB
ABB announced today that Tarak Mehta, President Motion
Business Area and Member of the
Executive
Committee, has decided to leave
ABB since he has accepted
the role as CEO of another company. Tarak
will leave ABB at the end of July
this year.
Tarak joined ABB in 1998 and has since then held a number of positions
of increasing responsibility
in the
United States, Sweden and Switzerland.
He joined ABB’s Executive Committee
in 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 Business
Area President, Tarak has contributed to achieving
a record high
operational EBITA margin in the past year in our Motion
business and the Business Area is
well-positioned
to contribute to ABB’s higher financial
targets going forward. Before
that, he played a key role in
further
strengthening our leading
position in the United States, ABB’s largest
market, for our Electrification
business,” said CEO Björn Rosengren.
“We thank Tarak for his outstanding contribution to the success
of
our company and wish him all the best
for both his professional
and personal future endeavors.”
“I would like to express my sincere
gratitude and appreciation
to everyone I have worked with over
the years.
Thank you for your support, efforts, guidance
and the results we have achieved
together. It has been a
wonderful journey of 26 years filled
with challenges and opportunities
as well as personal and professional
growth. I wish the ABB team a
continued bright future,”
said Tarak Mehta.
A search process for the position
of President, Motion
Business Area will be launched
shortly.
ABB
is a technology leader in electrification
and automation, enabling
a more sustainable and
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 over 140 years of excellence,
ABB’s more than 105,000 employees are
committed to driving
innovations that accelerate industrial
transformation. www.abb.com
—
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
1/1
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 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