United Technologies is exploring international acquisition opportunities of at least $5bn that would put to work the company’s overseas cash holdings, CEO Greg Hayes says. But until deal opportunities arise, UTX will start to buy back its stock, Hayes says. The company announced last month that it expects to repurchase $3bn of its shares this year, although Hayes does not foresee a buyback at $10bn or more. Rather UTX’s portfolio is to be split 60-40 between commercial and aviation, or vice versa, and that the portfolio should support long-term, double-digit earnings growth.

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