American conglomerate Honeywell International Inc has authorized the repurchase of as much as $5 billion in stock as a 2011 buyback plan nears its end. Honeywell manufactures products ranging from aviation controls to solvents.

Honeywell chief executive officer Dave Cotesaid in a statement said Honeywell has substantially completed the $3 billion share repurchase program authorized by its board in 2011.

According to a report by Bloomberg, Honeywell didn't give a timeline for any buybacks. The company only said that it would repurchase outstanding shares from time to time using cash flow from operations. Honeywell has 784.7 million shares outstanding.

The New Jersey-based company had a market value of $67.7 billion as of Thursday's close, based on data compiled by Bloomberg. The report also stated that Honeywell is bracing for slower sales growth in 2014 amid lower demand for defense products.

After four daily declines, Honeywell's shares rose 0.4% to $86.61 at the close in New York on Friday.