Dec. 13 (Bloomberg) -- Honeywell International Inc., the manufacturer whose products range from aviation controls to solvents, authorized the repurchase of as much as $5 billion in stock as a 2011 buyback plan nears its end.
“Honeywell has substantially completed the $3 billion share repurchase program authorized by the board in 2011,” Chief Executive Officer Dave Cote said today in a statement. The new program “demonstrates continued confidence in our long-term growth outlook.”
The company didn’t give a timeline for any buybacks, saying only that it “would repurchase outstanding shares from time to time” using cash flow from operations. Honeywell has 784.7 million shares outstanding and had a market value of $67.7 billion at yesterday’s close, data compiled by Bloomberg show.
Honeywell is bracing for slower sales growth in 2014 amid lower demand for defense products. The shares of the Morris Township, New Jersey-based company have surged 36 percent this year, topping the 31 percent gain for the Standard & 500 Poor’s 500 Industrials Index.
Honeywell rose 0.4 percent to $86.61 at the close in New York, snapping a streak of four daily declines.
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