Process automation company Honeywell has notched 17 percent higher net income for second-quarter 2007 year-on-year, a $611 million result that coincides with a buy-up in its process solutions unit.

Honeywell Process Solutions has signed a definitive agreement, subject to regulatory review, to acquire Enraf Holding B.V., maker of management and control solutions for the transportation, storage and blending of oil and gas. No dollar amount was given.

“We had a great first half of 2007 with sales increasing 10 percent … and free cash flow up 42%,” chief exec Dave Cote said in a statement.

Honeywell bought back more than 40 million shares of stock in the second quarter, and the company's board has authorized the repurchase of up to $3 billion more in common stock.