Story ID: 
Billion-dollar Settlement Ends Honeywell, Flexjet Fight
By: Matt Thurber
Caption: Agreement also extends the fractional-share operator’s maintenance service plan
Word Count: 235
A trial scheduled for this year is no longer needed as Honeywell and Flexjet have settled the latter company’s lawsuit over costs and delays associated with Honeywell’s maintenance services agreement for Honeywell engines powering Flexjet airplanes. The settlement is worth more than a billion dollars, according to Flexjet.
“Honeywell and Flexjet are pleased to have reached a comprehensive agreement to resolve their pending litigation and look forward to rebuilding the parties' commercial partnership,” according to a Honeywell statement. “The agreement will resolve in full all pending claims among and between the parties, as well as related litigation involving StandardAero and Duncan Aviation. Simultaneously, and as partial consideration for the resolution of the litigation, Honeywell and Flexjet have agreed to extend their aircraft engine maintenance agreement through 2035. Honeywell and Flexjet look forward to working collaboratively going forward.”
“This agreement places supplier accountability at center stage,” Flexjet said in a statement provided to AIN, “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.”