Honeywell Won't Face SEC Charges Related To Asbestos Accounting

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 [e-mail]

(END) Dow Jones Newswires

August 29, 2019 12:39 ET (16:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.