Honeywell, Flexjet settle litigation, extend engine maintenance deal

Jan 21 (Reuters) - Honeywell said on Wednesday it had reached ​an agreement with private aviation ‌company Flexjet to resolve their litigation and ‌aims to rebuild their commercial partnership.

The industrial conglomerate said it agreed to extend its aircraft engine ⁠maintenance deal ‌with Flexjet through 2035 as part of the settlement.

Flexjet ‍had sued Honeywell in March 2023, accusing the company of breaching an aircraft ​engine maintenance services deal and ‌seeking liquidated damages over delayed engine repairs.

The aviation firm said in December it was owed at least $500 million in damages, plus additional ⁠amounts well above ​that.

The new settlement ​agreement will fully resolve all outstanding claims between the parties, ‍Honeywell said.

The ⁠company expects to take a charge of about $470 million in ⁠the fourth quarter due to the ‌settlement.

(Reporting by Apratim Sarkar; Editing ‌by Shreya Biswas)