ST Aerospace hits back on FAA penalty

ST Aerospace stated it is "disappointed" by the Federal Aviation Administration's (FAA) civil penalty proposal of USD1.025 million against ST Aerospace's US facility, ST Aerospace San Antonio. The company noted it "takes our safety obligations seriously and has in fact addressed the issues raised by the FAA way back in 2008".

ST Aerospace concluded, "We intend to communicate with the FAA to explain why their informal allegations are incorrect. Nonetheless, we are treating this matter very seriously, and we will work closely with the FAA to resolve it."

In trading yesterday, Rockwell Collins fell 0.2%, Meggitt gained 0.2%, Goodrich added 0.8% and Honeywell rose 1.6%.

Selected original equipment manufacturers' share price movements: (% change): 24-Jan-2011