Reinach (pta/27.07.2023/18:00 UTC+2)
Jury renders verdict in US trial and rejects alleged misappropriation Arconic Corporation against Universal Alloy Corporation, Montana Aerospace AG's subsidiary
Montana Aerospace AG (the "Company") and its operating subsidiaries (the "Group" or "Montana Aerospace"), a leading, highly-vertically integrated manufacturer and supplier of system components and complex assemblies for the aerospace-, e-mobility- and energy industry with worldwide engineering and manufacturing operations, announces that a jury has rendered its verdict in the U.S. trial Arconic Corporation ("Arconic") against Universal Alloy Corporation ("UAC") and rejects the alleged misappropriation.
In 2015, Arconic, a competitor in the field of aluminum extrusion for the aerospace industry, filed a claim against Montana Aerospace subsidiary UAC in court in the U.S., claiming damages for alleged misappropriation by UAC of trade secrets regarding the production of "stretch formed spar chords"("SFSC"). In addition to claiming damages, Arconic has also raised claims for punitive damages in the amount of twice the actual damages. On 11 July 2023, the jury trial at the District Court in Atlanta started.
In their verdict, the jury found that Arconic did not own any trade secrets in relation to SFSC and therefore UAC is not liable to pay any damages to Arconic. Arconic may file an appeal. It bears noting that the burden to prove that a verdict should be set aside, or a new trial should be granted, is high.
UAC and/or the Company will examine whether any costs from the trial can be recovered from Arconic and/or investigate any other basis for potential claims against Arconic.
The verdict will not change any guidance on the Company.