RTX discloses SEC subpoenas concerning defective P&W engine components

RTX has disclosed that it has received subpoenas from the US Securities and Exchange Commission (SEC) as part of a probe into its recall of hundreds of Pratt & Whitney GTF engines. The subpoenas relate to RTX’s 2023 disclosure of ‘issues arising from Pratt & Whitney’s use of powder metal in manufacturing various engine parts, its identification of certain risks associated with those manufacturing processes, and corrective actions identified by Pratt& Whitney to mitigate those risks’. In its annual report, the defence and aerospace giant announced it had received the subpoenas on November 7 2023 and January 30 2024, with the SEC demanding engineering, operational, organisational, accounting and financial documents in connection with the GTF disclosure investigation. “At this time, we are unable to predict the timing or outcome of this SEC investigation,” said the RTX annual report, which also noted that the company was co-operating with the SEC and responding to the subpoenas.