MORRIS PLAINS, N.J., April 25, 2016 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that its Board of Directors has authorized the company to repurchase up to $5 billion of its common stock as part of its cash deployment strategy.
"Honeywell's strong balance sheet and free cash flow provide us with flexibility to execute a balanced cash deployment approach that includes reinvesting in our businesses, a healthy dividend that is growing at rates above our earnings growth, strategic acquisitions, and opportunistic share repurchases," said Dave Cote, Honeywell Chairman and CEO. "Our track record of successfully redeploying cash flow from operations has enabled us to smartly grow the company, while also continuing to deliver value to our shareowners in both the short- and long-term."
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
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