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 www.eaton.com.