Johnson Controls announces $9B increase to share repurchase program

The board of directors of Johnson Controls (JCI) has approved a $9B share repurchase authorization, adding to the $1.1B remaining as of the end of the second fiscal quarter under the share repurchase authorization previously approved in 2021. In implementing share repurchases, Johnson Controls may purchase shares in the open market or through a variety of methods as permitted by applicable securities laws and other legal requirements, including through the use of a Rule 10b5-1 plan, a tender offer or an accelerated share repurchase program or any combination of the foregoing. There exists no obligation under the share repurchase authorization to repurchase any particular amount of shares within any timeframe, and the manner, timing and amount of any purchase will be determined subject to an evaluation of the price of Johnson Controls’ shares, general market conditions and other factors. Johnson Controls’ authorization to repurchase shares does not have a set expiration date and may be amended, suspended or terminated at any time at Johnson Controls’ discretion without prior notice. Johnson Controls currently expects to effect repurchases as redemptions pursuant to Article 3(d) of its Articles of Association.