BERWYN, Pa.--(BUSINESS WIRE)--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 not disclosed.
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.