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Honeywell open to deals in water, health care, CEO says

May 18, 2015 12:59 PM ETHoneywell International Inc. (HON) StockHONBy: Carl Surran, SA News Editor
  • Honeywell (HON +0.1%) CEO Dave Cote tells Bloomberg he is open to considering acquisitions in water and health care, both potential new business lines, while looking mostly in industries similar to where HON operates now, such as energy and automation besides aerospace, chemicals and climate controls.
  • Cote’s willingness to explore fields new to HON shows his pursuit of a five-year goal set in 2014 to spend $10B on takeovers, about double the tally in the prior half-decade, as the company sits on a record $9.1B cash pile and last made a $1B-plus purchase in 2010.
  • Cote says he does not prefer to use excess cash toward share buybacks, believing 80% of companies do so at the wrong time.

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