SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 29, 1998
AlliedSignal Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-8974 22-2640650
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
101 Columbia Road
P.O. Box 4000
Morristown, New Jersey 07962-2497
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (973) 455-2000
Item 5. Other Events.
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The Registrant issued on May 29, 1998 the following press release:
AlliedSignal Announces $2.2-Billion Share Repurchase
MORRIS TOWNSHIP, New Jersey, May 29, 1998 -- AlliedSignal
Inc. (NYSE: ALD) announced today that it would repurchase up to
$2.2 billion of its common stock over the next two years.
Commenting on the new buyback program, Lawrence A. Bossidy,
Chairman and Chief Executive Officer, said, "This is the first
time we have adopted a share buyback plan beyond our requirements
for shares issued under employee benefit plans and for
acquisitions. We've taken this new direction for two reasons:
At current market price levels, repurchasing the company's shares
is more attractive than most acquisition opportunities. And our
increased free cash flow from operations helps furnish the
resources for such a buyback."
The timing and total amount of the share repurchases will
depend on market conditions. Approximately 68 million shares
remain available for repurchase under a December 1996
authorization by the Board of Directors. The company has 565
million shares outstanding.
AlliedSignal Inc. is an advanced technology and
manufacturing company serving customers worldwide with aerospace
and automotive products, chemicals, fibers, plastics and advanced
materials.
THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS AS DEFINED IN
SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, INCLUDING
STATEMENTS ABOUT FUTURE BUSINESS OPERATIONS, FINANCIAL
PERFORMANCE AND MARKET CONDITIONS. SUCH FORWARD-LOOKING
STATEMENTS INVOLVE RISKS AND UNCERTAINTIES INHERENT IN BUSINESS
FORECASTS.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
AlliedSignal Inc.
(Registrant)
Date: May 29, 1998 By: /s/ Robert F. Friel
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Robert F. Friel
Vice President and Treasurer