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.

Contact U.S. News


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Don't Miss

U.S. Video