April 25, 2016 / 2:32 PM / a year ago

Honeywell to repurchase up to $5 billion of shares

A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010. REUTERS/ Eric Miller

(Reuters) - 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.

Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta

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