23.08.2007 15:23:00
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Textron Resolves SEC and DOJ Investigations into Payments by Fluid and Power Unit
Textron Inc. (NYSE: TXT) announced today that it has resolved
investigations by the U.S. Securities and Exchange Commission (SEC) and
U.S. Department of Justice (DOJ) relating to payments made by
subsidiaries in its Fluid & Power business unit and voluntarily reported
to the two agencies by Textron.
Most of the payments were "after sales service
fees” paid to Iraq by Textron's fifth tier
French subsidiaries in connection with the United Nations’
Oil for Food Program. A number of small Fluid & Power payments unrelated
to the Oil for Food Program were also investigated, reported to the
agencies and resolved as part of the settlements.
Textron has consented to the entry of a civil injunction in an action
brought by the SEC and has entered into a letter agreement with the DOJ
in which the DOJ has agreed not to prosecute Textron or its subsidiaries
or affiliates. Both settlements call for remedial actions that are being
implemented and that are consistent with Textron’s
longstanding policy against improper payments. In addition, Textron has
agreed to pay a total of $4.6 million to the agencies in the form of
disgorgement of profits, penalties and interest. This amount was fully
provided for in prior periods.
There are no criminal charges involved in the settlements and no Textron
officers were involved. Disciplinary action has been taken with respect
to certain individuals involved in the matter, including in some cases,
termination of employment.
Textron takes compliance matters very seriously and is pleased that the
DOJ and SEC commented favorably on Textron’s
early discovery and reporting of these matters as well as its commitment
to implementing enhanced compliance policies and procedures. Textron is
committed to conducting its business globally in compliance with all
applicable laws and in a manner consistent with its Business
Conduct Guidelines.
Textron Inc. is an $11 billion multi-industry company operating in 32
countries with approximately 40,000 employees. The company leverages its
global network of aircraft, industrial and finance businesses to provide
customers with innovative solutions and services. Textron is known
around the world for its powerful brands such as Bell Helicopter, Cessna
Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid &
Power, Textron Systems and Textron Financial Corporation. More
information is available at www.textron.com.
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Textron Inc. | 80,34 | -0,22% |
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