Eaton Corporation Announces Settlement of All Litigation with Triumph Group,
CLEVELAND -- June 18, 2014
Power management company Eaton Corporation plc (NYSE:ETN) today announced
Eaton and Triumph Group, Inc. (NYSE:TGI) have signed an agreement that
completely resolves all litigation issues between them with respect to actions
pending in Mississippi and North Carolina.
The parties have agreed that Eaton will pay $147.5 million as part of the
settlement. Other settlement terms are confidential.
Eaton filed suit in 2004 in Mississippi against Frisby Aerospace, LLC, now a
Triumph Group subsidiary known as Triumph Actuation Systems - Clemmons, LLC,
alleging trade secret misappropriation. North Carolina-based Frisby Aerospace
denied the charges and later filed suit against Eaton in North Carolina and
Mississippi, alleging anticompetitive behavior.
“We believe it is in the best interests of our shareholders to put this matter
behind us,” said Alexander M. Cutler, chairman and chief executive officer of
Eaton. “We have been pursuing the return of our information and documents for
ten years, and we are pleased the information and documents will be returned
as part of the settlement. Both parties are best served by a permanent
resolution of the matter.”
Eaton is a power management company with 2013 sales of $22.0 billion. Eaton
provides energy-efficient solutions that help our customers effectively manage
electrical, hydraulic and mechanical power more efficiently, safely and
sustainably. Eaton has approximately 101,000 employees and sells products to
customers in more than 175 countries. For more information, visit
Eaton Corporation plc
Scott Schroeder, +1 440-523-5150
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