Honeywell Won't Face SEC Charges Related To Asbestos Accounting
August 29 2019 - 12:54PM
Dow Jones News
By Micah Maidenberg
Honeywell International Inc. said securities regulators have
decided not to pursue any actions related to an investigation into
how it accounted for asbestos-related liabilities.
The Securities and Exchange Commission told the Charlotte,
N.C.-based conglomerate that it concluded a probe into those
accounting practices and won't recommend enforcement steps,
Honeywell said Thursday.
A spokeswoman for the SEC declined to comment.
Last year, Honeywell revised its asbestos liabilities tied to
Bendix, the vehicle-brakes business it sold several years ago,
increasing them by $1.1 billion to $2.61 billion as of Dec. 31,
2017. The company said at the time that the SEC had opened an
investigation into the matter and that it was cooperating with
regulators.
Honeywell said in July that it was cooperating with U.S. and
Brazilian authorities looking into whether it violated the Foreign
Corrupt Practices Act and similar laws in Brazil.
Authorities are examining Honeywell's use of outside parties
that worked for its oil-products business, which worked with
state-owned oil producer Petróleo Brasileiro. The company has said
that it and its representatives comply with all laws in the
countries in which it conducts business.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
August 29, 2019 12:39 ET (16:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Honeywell (NASDAQ:HON)
Historical Stock Chart
From Mar 2024 to Apr 2024
Honeywell (NASDAQ:HON)
Historical Stock Chart
From Apr 2023 to Apr 2024