MORRIS TOWNSHIP, N.J. (AP) — Honeywell International Inc. said Friday that its board approved a 10 percent increase to the company's annual dividend.

The boost raised the annual payout by 15 cents to $1.64. That amounts to 41 cents a quarter.

The Morris Township, N.J.-based technology and manufacturing company said the increase goes into effect with the fourth quarter dividend, which also was declared on Friday. That dividend will be paid on Dec. 10 to shareowners of record as of Nov. 20.

Honeywell shares rose 28 cents to $61.71 in afternoon trading.