#share repurchase #Johnson Controls #NYSE JCI

Johnson Controls Expands Share Repurchase Program by $9 Billion

In a noteworthy move for investors, Johnson Controls International plc (NYSE: JCI), a leader in the development of smart and sustainable buildings, has approved the expansion of its share repurchase program by an extraordinary $9 billion. This decision comes at a time when the company is navigating through a complex economic landscape characterized by ongoing market fluctuations and uncertainties. Previously, Johnson Controls had $1.1 billion remaining from a share repurchase authorization that was approved in 2021. With this new budget, the total allocation for buying back shares substantially increases, reflecting the company's confidence in its long-term growth prospects.

The share repurchase program is set to be implemented through various strategies, including open market purchases and potentially other legal methods as dictated by relevant securities laws. Notably, Johnson Controls may utilize a Rule 10b5-1 plan, a tender offer, or an expedited repurchase initiative, and can utilize any combination of these strategies. The company emphasizes that it is not obligated to repurchase a specific amount of shares within any defined timeframe. Instead, decisions regarding the timing and volume of purchases will hinge on factors such as the stock price, market conditions, and other pertinent considerations.

Interestingly, the buyback authorization does not carry a predetermined expiration date, leaving room for adjustments, suspensions, or terminations as per Johnson Controls' strategic discretion. The company’s current stance indicates an expectation to handle these repurchases in line with Article 3(d) of its Articles of Association, which outlines the framework for such financial maneuvers. This level of discretion hints at a proactive approach to financial management, allowing Johnson Controls to remain agile amidst shifting economic tides.

About Johnson Controls

Johnson Controls has a proud legacy that spans nearly 140 years, characterized by relentless innovation and a commitment to improving the environments in which people live, work, learn, and play. As a pioneer in creating smart, healthy, and sustainable buildings, the company aims to enhance building performance through its