The chief executives of 3M Co and Honeywell International Inc on Wednesday said the grim global economic outlook is whetting their appetite for acquisitions.When organic growth opportunities slow, major U.S. companies typically turn to buying other businesses as a way of quickly boosting their revenue. The slowdown is making it easier to do so by lowering sellers' price expectations, executives said.Honeywell CEO Dave Cote suggested that the uncertain economy has led some potential takeover targets to entertain lower-priced offers from his Morris Township, New Jersey-based company."When times are bad and everybody is uncertain about the future, that is the right time to buy," Cote told an investor conference in Boston. "You don't want to purchase when everybody is saying, 'Wow, things are great, this is a good time to do it,' because you're probably catching things on the peak."
Honeywell International Inc. (Honeywell) is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Shares of HON fell by 0.18% or $-0.11/share to $61.28. In the past year, the shares have traded as low as $41.22 and as high as $62.00. On average, 3272280 shares of HON exchange hands on a given day and today's volume is recorded at 3099813.
3M Company (3M) is a diversified technology company. Shares of MMM traded higher by 0.21% or $0.2/share to $93.63. In the past year, the shares have traded as low as $68.63 and as high as $94.30. On average, 2811110 shares of MMM exchange hands on a given day and today's volume is recorded at 2712785.
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