Triumph Group to Combine Precision Components with Aerospace Structures to Drive Competitiveness and Growth
December 04 2017 - 5:44PM
Business Wire
Pete Wick to Serve as Executive Vice President
of Aerospace Structures
Triumph Group, Inc. (NYSE: TGI) (“Triumph” or the
“Company”) today announced that it intends to combine Aerospace
Structures and Precision Components into one business unit,
“Aerospace Structures,” effective January 1, 2018. Pete Wick,
current Executive Vice President of Precision Components, will
become Executive Vice President of the new combined Aerospace
Structures business unit.
“Aerospace Structures and Precision Components have each made
significant strides in their operational turnarounds and now have
solid foundations for growth. This is the right time to combine
their operations so that we can accelerate their turnaround to
deliver value for our shareholders and customers,” stated Daniel J.
Crowley, Triumph’s president and chief executive officer. “Since
launching our transformation efforts, the businesses have
stabilized, performance is improving, and backlog is growing. The
business units’ abilities to achieve key performance objectives are
closely linked – they share many of the same customers and
suppliers, and have substantial inter-company work on common
programs. As a single business unit, we are confident that we will
leverage their combined resources to make them more cost
competitive and enhance performance.”
Beginning with the fourth quarter of fiscal 2018, Triumph will
report its financial results under the three market-focused
business unit structure – Integrated Systems, Product Support and
Aerospace Structures.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania,
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 performance and cost competitiveness. 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, 2017.
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Triumph Group, Inc.Michele Long, 610-251-1000Director –
Communicationsmmlong@triumphgroup.comorSheila G. Spagnolo,
610-251-1000Vice President – Tax & Investor
Relationssspagnolo@triumphgroup.com
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