“arbitrary standards” for acceptable profit levels and ignored “reams of information we provided in support of the reasonableness of the prices.
Deputy Defense Department Inspector General Theresa S. Hull told the hearing that its latest audit examined a sample of 107 spare parts provided by TransDigm and used 15 percent as a “reasonable” profit level because it is the highest profit percentage identified in federal acquisitions regulations. Hull said TransDigm earned profits of more than 15 percent on 105 of those parts, with profit levels ranging from 2.8 percent to over 3,850 percent.
Stein told the committee that his company has 60 manufacturing facilities throughout the United States and employs more than 13,000 people. The company’s sales are predominantly to commercial airlines and airplane manufacturers like Boeing and Airbus, and just six percent of its business is with the U.S. government. He said the company usually gives the Defense Department a 25 percent break on the prices it charges private companies.
“The notion that we seek out business acquisitions to raise prices on the DoD is simply untrue,” said Stein. “We look for quality businesses that produce highly engineered, proprietary aerospace parts. In fact, in recent years, we have avoided potential acquisitions that have a large percentage of government sales because of the substantial costs and challenges associated with federal contracts.”
If they did overcharge they should return the money. That was tax payer money the company stole.
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