Honeywell To Repurchase Up To $5 Billion Of Shares
Honeywell International Inc (HON.N), a U.S. manufacturer of aerospace parts and climate control systems, said its board authorized the company to repurchase up to $5 billion of its common stock.
In March, Honeywell had scrapped its $90.7 billion offer to buy rival United Technologies Corp (UTX.N), citing the company’s unwillingness to engage in negotiations.
Honeywell had 762.1 million shares outstanding as of March 30.
Shares of the company were down nearly 1 percent, and have gained about 11 percent in the last 12 months.