Garrett Motion: Drops on weak results amid "material weakness" probe

Garrett Motion. (Delaware)

30/07/2019 18:04

** Honeywell spin-off Garrett Motion Inc  GTX.N  shares
slide 13% to $12.95
    ** GTX reports a fall in Q2 net sales due to slowing demand
for light vehicles, original equipment manufacturer products and
lower diesel volumes in Europe and Asia  urn:newsml:reuters.com:*:nBw5rWhdMa
    ** Company trims 2019 forecast in light of lower vehicle
production, a slower ramp up of light vehicle gasoline launches
in China and a fall in the euro dollar exchange rate
    ** As previously disclosed, GTX flags material weakness over
financial reporting relating to the supporting evidence for
liability to Honeywell under a indemnification liability
    ** GTX now says that Honeywell did not provide sufficient
information to make an independent assessment of the probable
outcome of the underlying asbestos proceedings 
    ** Says material weakness has not yet been remediated and
company's advisers remain in communication with Honeywell on the
above issues

 (Reporting by Karina Dsouza in Bengaluru)
 ((Karina.Dsouza@thomsonreuters.com))