The company will use cash flow generated by its operations to repurchase outstanding shares.Morris Township-based Honeywell (NYSE: HON) announced today that its board of directors has approved a plan to repurchase up to $3 billion of its common stock. The company plans to repurchase outstanding shares from time to time in the open market using cash flow generated by operations. Honeywell operates in four segments: aerospace; automation and control solutions; specialty materials; and transportation systems.
Since the fourth quarter of 2003, Honeywell has repurchased about 42 million shares, worth $1.5 billion. The conglomerateÂs shares traded up $0.46 to $35.89 in the morning.