BERWYN, Pa.--(BUSINESS WIRE)--Jun. 18, 2014--
Triumph Group, Inc.(NYSE:TGI) today announced the settlement of
all pending litigation involving the company and its subsidiary, Triumph
Actuation Systems – Clemmons, LLC (formerly known as Frisby Aerospace,
LLC), and Eaton Corporation and certain of its subsidiaries.
As part of the settlement, Eaton has agreed to pay Triumph $135,300,000
in cash. The Mississippi Supreme Court previously affirmed the dismissal
with prejudice of all claims of trade secret misappropriation brought in
Mississippi by Eaton and its affiliates against the company, Triumph
Actuation Systems – Clemmons and six engineers employed by Triumph
Actuation Systems who had formerly worked for an Eaton subsidiary. As
part of the settlement, Triumph agreed to dismiss with prejudice all
counterclaims associated with the litigation, as well as claims brought
in Mississippi and North Carolina by Triumph, its subsidiary and the
engineers against Eaton and its affiliates for wrongful conduct and
anticompetitive activity in bringing and maintaining the trade secret
claims. The rest of the terms of the settlement are confidential.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“The settlement announced today brings to an end almost ten years of
costly and burdensome litigation, and should eliminate any doubt about
Triumph’s right to compete legitimately in the market for aerospace
hydraulic pumps and motors and hydraulic systems. We look forward to
deploying with renewed energy the full range of our talents and
expertise toward the development of advanced technology products and
solutions for our hydraulic product and systems customers.”
The company expects to address the settlement when it reports its first
quarter fiscal year 2015 results.
Triumph Group, Inc. headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of aero
structures, aircraft components, accessories, subassemblies and systems.
The company serves a broad, worldwide spectrum of the aviation industry,
including original equipment manufacturers of commercial, regional,
business and military aircraft and aircraft components, as well as
commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
involve risks and uncertainties which could affect the company’s actual
results and could cause its actual results to differ materially from
those expressed in any forward looking statements made by, or on behalf
of, the company. Further information regarding the important factors
that could cause actual results to differ from projected results can be
found in Triumph’s reports filed with the SEC, including our Annual
Report on Form 10-K for the fiscal year ended March 31, 2014.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo
Vice President, Tax &