UPDATE 2-ABB woos shareholders with $4 bln buyback, trims targets
* Aims for operational EBITA margin corridor of 11-16 pct
* Sees sales growth of 4-7 percent annually in 2015-2020
* To buy back $4 billion of shares
* Shares up 2.4 pct, highest send end of April (Adds details, new CEO comment, updates shares)
By Caroline Copley
LONDON, Sept 9 (Reuters) - Swiss engineering group ABB said it would buy back $4 billion of shares, offering a sweetener to investors after a series of problems at its power systems unit and in the face of sluggish global growth.
Presenting his new strategy one year after taking the helm, Chief Executive Ulrich Spiesshofer also trimmed the Zurich-based firm's medium-term sales and profit forecasts to reflect the fact slower economic growth has crimped capital spending.
Spiesshofer spent his first 12 months scrutinising ABB's businesses, which range from industrial robots to power grid transformers, and selling off divisions considered to be outside the company's main areas of expertise.
The share buyback will run over two years and funnels some of the fruits of Spiesshofer's portfolio "pruning" back to investors, who have been unsettled by a series of charges related to delays to offshore wind farm projects. Continuación...