United Technology is upping the size of its share buyback programme.
The US company, which makes industrial products ranging from plane engines to fire control systems, said it was increasing the size of its share repurchase programme from the $8.3bn announced just three months ago to $12bn.
The new figure will make this the sixth biggest share buyback announced by a US company so far this year.
Gregory Hayes, UTC President and chief executive, argued:
United Technologies' shares are an attractive investment opportunity which we are going to take advantage of in order to increase value for our shareholders.
Including the $4 billion in repurchases made to date in 2015, we now expect to complete $16 billion of share repurchases through 2017.
Part of the repurchases will be funded by proceeds from UTX's sale of its Sikorsky aircraft business. The deal, announced in July, is expected to be completed in the fourth quarter.
News of the buyback comes as UTX reported a drop in sales and profits for the third quarter.
The strong dollar continues to weigh on the company's results, with sales down 5.6 per cent at $13.8bn and net income down by more than a quarter at $1.36bn.
UTX shares, having fallen 20 per cent so far this year, was up 0.4 per cent in pre-market trading