On February 6, 2020, United Technologies Corporation, a multinational company headquartered in Connecticut that researches, develops, and manufactures, among other things, aerospace systems, aircraft engines, HVAC systems, elevators, and escalators, reported that the US Department of Justice and the US Securities and Exchange Commission had notified the company on December 16, 2019 and January 16, 2020, respectively, that they had closed their investigations of B/E Aerospace.
UTC acquired B/E Aerospace as part of its 2018 acquisition of Rockwell Collins. Prior to UTC’s acquisition of Rockwell Collins, Rockwell Collins had voluntarily disclosed to the DOJ and the SEC that it was conducting an internal investigation of B/E, which was examining a potential conflict of interest involving a third party sales agent in China, as well as the potential improper provision of meals, entertainment, and gifts. The Rockwell Collins investigation arose from its own post-acquisition compliance review of B/E, which Rockwell Collins acquired in April 2017.
February 6, 2020