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Johnson Controls board approves additional $8.5 billion share buyback

Ciara Linnane

Industrial group Johnson Controls International Inc. said Thursday its board has approved an additional share buyback authorization of $8.5 billion, subject to the completion of the previously announced sale of the company's power solutions business. Shares rose 2.7% premarket on the news, but are down 5.2% in the last 12 months, while the S&P 500 has gained 1.6%.