Morris Township-based Honeywell International Inc. said Wednesday it expects to boost annual sales to more than $50 billion by 2018.
Before its annual investor conference in New York City Wednesday, Honeywell outlined in a release a new five-year plan to spend more than $10 billion on acquisitions that would add as much as $8 billion in sales. It expects sales to increase as much as $12 billion organically, which will deliver up to $51 billion in total revenue.
The aviation manufacturer said in the release it has over 50 percent of its engineers focused on new software to greatly improve the quality, efficiency and repeatability of product development.
"Honeywell continues to outperform," Honeywell Chairman and CEO Dave Cote said. "The new five-year targets leverage our great portfolio of businesses, our disciplined process initiatives, and our innovation culture that learns, continues to evolve, and performs."
Cote added that Honeywell’s expansion into key high-growth areas will help drive growth over the next five years.
Honeywell stock rose 0.69 percent, or 65 cents, to $95.25 in New York as of 10:40 a.m. this morning.
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