Honeywell Aerospace to Pay Over $2 Million in US Defense Contract Settlement, Shares Fall
MT Newswires Live
1 hour ago
Honeywell Aerospace (HONA) has agreed to pay over $2 million to settle allegations that it failed to comply with cybersecurity requirements in a US Department of Defense contract, the US Department of Justice said Tuesday.
The settlement resolves allegations that, from April 2020 through Dec. 2023, a unit of Honeywell International (HON) submitted false claims for payment after failing to meet cybersecurity requirements for one of Honeywell's networks.
Honeywell Aerospace became a standalone company on June 29 after separating from Honeywell International.
Shares of Honeywell Aerospace were down 2.4% in late afternoon trading.
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