Honeywell, Flexjet reach settlement agreement
Flexjet Legacy 450
Integrated operating company Honeywell and luxury private jet company Flexjet announced that they have reached an agreement to resolve their pending litigation.
The two also agreed to extend their aircraft engine maintenance agreement through 2035.
The agreement will resolve in full all pending claims among and between the parties, as well as related litigation involving StandardAero and Duncan Aviation.
“This agreement places supplier accountability at center stage, and we hope it further unites the industry around a matter essential to private aviation operators both large and small. With a value surpassing a billion dollars in cash considerations and service credits, it sets a powerful precedent for businesses seeking to correct similar supplier transgressions. Our hope is that the litigation, and now agreement, serve as a case study reinforcing the importance of supplier relationships built on authentic commitment, principled conduct and consistent delivery,” a Flexjet spokesperson told CJI in a statement.
Honeywell, in its December 22 filing, said it expects a potential impact of nearly $500m financial impact from the lawsuit filed by Flexjet.
Flexjet filed a lawsuit against Honeywell in New York Supreme Court in March of 2023 alleging a breach of contract against Honeywell on their aircraft engine maintenance service agreement.
The company sought damages for its delayed engine repairs. Honeywell committed to service and maintain engine across Flexjet’s fleet including the Honeywell HTF turbofan engines installed on Bombardier and Embraer jets.
