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Honeywell to Buy Back up to $3 Billion in Stock

Dow component Honeywell International said Friday its board of directors authorized the company to buy back up to $3 billion in common stock.

"Our share repurchase program, combined with three consecutive annual 10% increases in the dividend rate and a successful acquisition track record, demonstrate Honeywell's commitment to deploying cash to build shareowner value," Honeywell Chairman and CEO Dave Cote said in a press release.

The company will buy back stock "from time to time" using cash from operations.

Honeywell said it has repurchased about $3.8 billion in stock since the fourth quarter of 2003.

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