Jan 21 (Reuters) - Honeywell ( HON ) said on Wednesday

it had reached an agreement with private aviation company

Flexjet to ‌resolve their litigation and aims to ​rebuild their

commercial partnership.

The industrial ‍conglomerate said it agreed ⁠to ⁠extend its

aircraft engine maintenance deal with ‌Flexjet through 2035 ​as

part of the settlement.

Flexjet had sued Honeywell ( HON ) ⁠in March 2023, ‍accusing ​the

company of breaching an aircraft engine maintenance services

deal and ‍seeking liquidated damages over delayed engine repairs.

The aviation firm said in December it was owed at ​least $500

million ‍in damages, plus additional amounts well above that.

The ​new settlement agreement will fully resolve all

outstanding claims between the parties, Honeywell ( HON ) said.

The company expects to take a charge of ​about $470 million

in the fourth quarter due to the settlement.