BERWYN, Pa.--(BUSINESS WIRE)--May 24, 2017--
Triumph Group, Inc. (NYSE:TGI) (“Triumph” or the "Company") today
announced that Bombardier Inc. and Triumph Aerostructures, LLC (“TAS" or
"Vought"), a wholly-owned subsidiary of Triumph, have entered into a
comprehensive settlement agreement that resolves all outstanding
commercial disputes between them, including all pending litigation,
related to the design, manufacture and supply of wing components for
Bombardier’s Global 7000 business aircraft. Terms of the settlement were
The settlement resets the commercial relationship between TAS and
Bombardier and allows each of them to better achieve their business
objectives going forward.
“We are pleased with the settlement with Bombardier regarding our Global
7000 program contract, which we believe is mutually beneficial,” said
Daniel J. Crowley, Triumph’s president and chief executive officer. “Our
Aerospace Structures business has been dedicated to supporting
Bombardier on this critical program since entering into the contract and
remains committed to the program’s continued success as the aircraft
transitions from flight testing to entry into service."
Triumph Group, Inc. headquartered in Berwyn, Pa., designs, engineers,
manufactures, repairs and overhauls a broad portfolio of aircraft
structures, components, accessories, and systems. The company serves a
broad spectrum of the global 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, including statements of
expectations of future financial and operational performance. 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 Group’s reports
filed with the SEC, including our Annual Report on Form 10-K for the
fiscal year ended March 31, 2016.
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Source: Triumph Group, Inc.
Sheila G. Spagnolo, 610-251-1000