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HONEYWELL ANNOUNCES $600 MILLION SHARE BUYBACK PROGRAM AND 10 PERCENT DIVIDEND INCREASE

HONEYWELL ANNOUNCES $600 MILLION SHARE BUYBACK PROGRAM AND 10 PERCENT
 DIVIDEND INCREASE
 MINNEAPOLIS, Nov. 12 /PRNewswire/ -- Honeywell Inc. (NYSE: HON) said today it will repurchase up to $600 million of Honeywell shares over the next five years, under a program authorized by the company's board of directors. Honeywell also announced an increase in its quarterly dividend to 41.25 cents per share from 37.5 cents per share.
 James J. Renier, Honeywell chairman and chief executive, said the share repurchase authorization represents a continuing effort to deliver value to shareholders.
 "One of the most effective investments we can make is in our stock," Renier said. "With a keen focus on our core businesses and a leadership position in our markets, we have in place a strong foundation on which to build long-term shareholder value. We believe our businesses will provide top-tier earnings and significant cash flow. Through this repurchase program, shareholders will benefit from higher earnings per share and return on equity."
 Under terms of the authorization, which expires Dec. 31, 1996, the company will not materially increase its debt ratio. The program may be altered depending on economic conditions, share prices and cash-flow availability.
 After reviewing the terms of the authorization, Duff & Phelps and Standard & Poor's reaffirmed their current ratings of Honeywell's long-term and short-term debt. Moody's indicated there will be no negative impact on its current debt ratings for Honeywell.
 "Our long-term approach to this program enables us to purchase shares when it makes the soundest economic sense for the company and its shareholders," Renier said.
 Honeywell also declared a dividend at its new rate of 41.25 cents per share, payable Dec. 16, 1991, to shareholders of record at the close of business Nov. 29, 1991.
 The new annual dividend rate is $1.65, up 10 percent from the previous $1.50 rate. Since 1989, the company has increased its dividend rate 57.1 percent.
 Honeywell is a global controls company that provides products, systems and services for homes and buildings, industry, and aviation and space. The company employs 58,000 people worldwide and had 1990 sales of $6.3 billion.
 -0- 11/12/91
 /CONTACT: Kevin Whalen of Honeywell, 612-870-2524/
 (HON) CO: Honeywell Inc. ST: Minnesota IN: SU: DIV AL-JS -- MN011 -- 3521 11/12/91 14:20 EST
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Publication:PR Newswire
Date:Nov 12, 1991
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