United Technologies Corp. (UTC) will buy back up to 60 million shares of the company’s common stock worth about $5.4 billion at current prices, the company announced Feb. 4.
UTC, which is based in Hartford and is the parent company of Stratford-based Sikorsky Aircraft Corp., also declared a dividend of 53.5 cents per common share payable March 10 to shareholders of record at the close of business Feb. 15.
The company has paid cash dividends on its common stock every year since 1936.
The repurchasing program will total about $1 billion in 2013, the company said. UTC had suspended share repurchases last year as it sought to protect its credit rating with the $16.5 billion acquisition of Goodrich Corp.