Milwaukee-based Johnson Controls Inc. (JCI) on Wednesday said that it would increase its share repurchase program by USD3 billion. JCI's latest move would bring the plan to USD3.65 billion over the next three years. 

According to Reuters, JCI's Board of Directors has also endorsed a USD800 million accelerated stock buyback agreement with investment bank Goldman Sachs & Co. The said agreement will be funded this month, while the rest will be utilized in JCI's fiscal years 2015 and 2016. 

In a statement, RBC Capital Markets analyst Joseph Spak said that JCI's share repurchase program didn't come as a surprise, but the size did.

JCI Chief Executive Alex Molinaroli, in a statement released to Reuters, was quoted saying that he expects the company to show record results in fiscal year 2014 and beyond. 

JCI's new fiscal year began in October 1.

Its Board of Directors also increased the company's quarterly dividend by 16% to USX22 per common share, the report said. 

JCI's shares increased to a 12-month high of USD45.70 in October 29. It fell by USX15 on Wednesday to close at USD48.22, said Reuters.