ABB to launch $3 billion share buyback on Friday

ZURICH - ABB will a launch a previously announced $3 billion share buyback programme on Friday, set to run through March 2023.

The buyback follows repurchases totaling around $6.6 billion since July 2020, ABB said, as it seeks to return proceeds from the sale of 80% of its Power Grids unit to Japan's Hitachi.

"As part of this program, the company intends to return to its shareholders the remaining $1.2 billion of the $7.8 billion of cash proceeds from the Power Grids divestment," the Swiss engineering group said on Thursday.