ABB to launch new $3 billion stock repurchase program

ABB Ltd. said Thursday it plans to kick off stock repurchase program of up to $3 billion, starting in April. The Switzerland-based electrification and automation company said the new program would follow the completion of its previous program, in which $3.1 billion worth of stock, or about 4.2% of the shares outstanding, was repurchased over the past 12 months. ABB's U.S.-listed shares fell 2.9% in afternoon trading. The new and past buyback programs come as part of the company's plan to return to its shareholders the $7.8 billion in cash proceeds from the Power Grids divestment. The stock has dropped 8.9% year to date, while the S&P 500 has lost 5.6%.

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