09:20:00 EDT Mon 24 Jun 2024
Enter Symbol
or Name

Login ID:
Honeywell CDR (CAD Hedged)
Symbol HON
Shares Issued 900,000
Close 2024-01-19 C$ 23.96
Market Cap C$ 21,564,000
Recent Sedar Documents

Globe/CP say Bombardier wins case against Honeywell

2024-01-22 08:08 ET - In the News

The Globe and Mail reports in its Saturday edition that last month Quebec Superior Court Justice David Collier ruled that Honeywell must negotiate with Bombardier on the cost of the jet engines it rolls out for the plane maker. A Canadian Press dispatch to The Globe reports that the judge found that Honeywell has an obligation to negotiate in good faith with Bombardier with the goal of reducing the price tag on propulsion systems installed in its Challenger business jets. The ruling also requires Honeywell to hand over a sheaf of sales records to an independent auditor, who will assess whether the company sold turbofan engines to rivals at lower rates, which the contract with Bombardier prohibits. Honeywell has filed a motion to appeal the decision, a move Bombardier is contesting. Bombardier first sued Honeywell in 2016, soon after rivals began looking to get in on the market for a long-range "super mid-size" business jet that Bombardier had carved out. Justice David Collier wrote, "Bombardier's market share for super mid-size jets fell as competitors entered the market, while Honeywell became the sole engine manufacturer for all four competing OEMs [original equipment manufacturers]."

© 2024 Canjex Publishing Ltd. All rights reserved.