Eaton to pay $147.5 million to resolve 'litigation issues' with Triumph Group

Scott Suttell
CRAIN'S CLEVELAND BUSINESS

Published: June 19, 2014 10:57 am ET
Updated: June 19, 2014 11:01 am ET

Related to this story

Topics Public Policy, United States, Aerospace

Power management company Eaton Corp. announced June 18 that it will pay $147.5 million to resolve “all litigation issues” with Triumph Group Inc. that were pending in Mississippi and North Carolina.

Other settlement terms are confidential, Eaton said in a news release.

The settlement concludes a decade of legal wrangling between the parties.

In 2004, Cleveland-based Eaton filed suit 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 CEO of Eaton, in a statement. “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’s aerospace group uses plastics in seals, hoses and other systems.


Comments

Eaton to pay $147.5 million to resolve 'litigation issues' with Triumph Group

Scott Suttell
CRAIN'S CLEVELAND BUSINESS

Published: June 19, 2014 10:57 am ET
Updated: June 19, 2014 11:01 am ET

Post Your Comments


Back to story


More stories

Image

Wright Plastic Products buys Tennessee auto supplier Hope Industries

March 4, 2015 3:51 pm ET

Michigan custom injection molder Wright Plastic Products Co. LLC has acquired Tennessee-based automotive supplier Hope Industries Inc., the companies ...    More

Image

Winter blasts ADS sales forecast

March 4, 2015 3:40 pm ET

Net sales forecasted for Advanced Drainage Systems are likely to slip as bad weather grips much of the United States into early March, delaying...    More

Image

Snow damages roof at Pactiv plant

March 4, 2015 2:39 pm ET

No injuries were reported after a roof buckled under the weight of snow and ice at a Pactiv Corp. facility in New York.    More

Image

Best Places To Work: No. 6, Colors For Plastics

March 4, 2015 12:35 pm ET

Colors For Plastics, which now employs 115 people, started with one man who handled everything.    More

Image

Best Places To Work: No. 7, CMD Corp.

March 4, 2015 12:27 pm ET

There's a lot of innovating going on at the No. 7 company on Plastics News' Best Places to Work ranking.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events