Honeywell International Inc has disclosed in an SEC filing on 22 December that it expects to pay €399 million if a settlement reaches in the 2019 lawsuit filed by Flexjet.
The suit stems from an agreement for Honeywell to service and maintain engines across Flexjet’s fleet, including HTF turbofans on Bombardier and Embraer jets. Flexjet could receive up to €1.02bn. Negotiations continue between the parties. The disclosure reflects accounting recognition of the potential liability.
Flexjet shared in a written statement: “the €399 million figure disclosed by Honeywell represents an accounting recognition rather than a finalised agreement, which could entitle Flexjet to more than €1 billion. Flexjet remains engaged in negotiations with Honeywell to reach a comprehensive agreement aligned with the original Master Services Agreement. Flexjet is encouraged by Honeywell’s public acknowledgement of the matter and is seeking a resolution that strengthens accountability and reinforces the importance of service reliability for the aviation industry at large.”
