Honeywell and Flexjet announced Wednesday that they finalized a major settlement resolving litigation between the two companies that has been ongoing since 2023.
The companies said they also extended their aircraft engine maintenance agreement through 2035. The settlement brings to a close all outstanding claims tied to a dispute over engine maintenance services that began in March 2023.
Honeywell said in late December that it expected to record a charge of about $470 million in the fourth quarter related to the settlement, Reuters reported at the time.
Flexjet’s lawsuit against Honeywell alleged breaches of an engine maintenance contract and sought liquidated damages tied to delayed engine repairs. In prior court filings, Flexjet said it was entitled to at least $500 million in damages, with additional amounts continuing to accrue for engines awaiting delayed repair.
Honeywell said the settlement fully resolves the litigation, which also involved related claims connected to third-party maintenance providers. The agreement also extends the companies’ existing engine maintenance relationship for another decade, through 2035, with both parties indicating plans to continue working together following the resolution.
