Honeywell Plans New $5 Billion Share Buyback

(RTTNews) - Diversified industrial conglomerate Honeywell International Inc. (HON), Friday said its board has authorized a new $5 billion share repurchase program as part of its strategy to return more money to investors.

"This new share repurchase authorization demonstrates continued confidence in our long-term growth outlook and commitment to delivering value to shareholders through disciplined cash deployment," CEO Dave Cote said.

Honeywell almost completely used the $3 billion share repurchase program authorized by the Board in 2011, Cote noted.

Honeywell plans to buy back shares from time to time in the open market using cash flow generated by its operations.

Honeywell, which makes products ranging from home thermostats to aircraft instruments, usually uses its cash from operations for growth investments, acquisitions, as well as returning cash to shareholders through dividends and share repurchases.

HON is currently trading at $86.62, up $0.33 or 0.38%, on the NYSE.