MORRIS TOWNSHIP, N.J., Dec. 10, 2010 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) today announced that its Board of Directors has approved a 10% increase, or $0.12 per common share, in the company's regular annual cash dividend rate to $1.33 from $1.21 per common share, effective with the first quarter 2011 dividend payment. The actual declaration of any future dividends and the establishment of the record dates related thereto remains subject to further action by Honeywell's Board.
"Raising the dividend rate by 10% reflects Honeywell's strong cash generation and the continued improvement in our underlying business performance," said Honeywell Chairman and CEO Dave Cote. "We're committed to delivering shareowner value and confident that our great positions in good industries will help drive Honeywell's growth and performance over the 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; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. 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.