UTC to buy back 60 million shares

United Technologies board authorized a 60 million share repurchase program and declared a dividend of 53.5 cents per common share payable March 10 to shareowners of record at the close of business Feb. 15.

The ex-dividend date is Feb. 13. UTC has paid cash dividends on its common stock every year since 1936.

The Board’s new share repurchase program replaces one that was authorized in 2010 and was nearing completion, UTC said. The value of the new program, at today’s prices, is about $5.4 billion. UTC said it expects to spend about $1 billion on share repurchases in 2013.

Rob Varnon