BERWYN, Pa., Oct. 10, 2019 /PRNewswire/ -- Triumph Group, Inc.
(NYSE:TGI) announced today a definitive agreement to sell
its Nashville based assembly
operations to an affiliate of TECT Aerospace. TECT Aerospace
manufactures complex aerostructure components, parts and assemblies
from the full spectrum of traditional and aerospace alloys, and is
headquartered in Wichita,
Kansas.
The Nashville operations
consist of long and large machining, processing and large-scale
assembly. The two million square feet facility is located directly
across from the Nashville airport.
It has a workforce of approximately 300 people who support wing
skin assembly and machining of stringers and spars. The business
generated revenues of approximately $125
million during Triumph Group's fiscal year ended
March 31, 2019.
"Today's announcement of the sale of our Nashville site to strategic buyer TECT
Aerospace reflects the value of the factory, its experienced
workforce, and the customer relationships Triumph and its
predecessor companies have maintained for 80 years. This sale is
consistent with our announced plans to exit non-core operations and
position the company for reinvestment in new areas of opportunity
centered on our Integrated Systems and aftermarket businesses,"
said Dan Crowley, President and CEO
of Triumph Group. "Since 2016, Triumph has divested 12 of the
original 47 operating companies as we reshape our portfolio and
reduce debt to enhance shareholder value."
The transaction is subject to customary conditions and is
expected to close by calendar year end.
Seal & Associates acted as exclusive financial advisor to
Triumph on the transaction.
About Triumph Group:
Triumph Group, Inc.,
headquartered in Berwyn,
Pennsylvania, designs, engineers, manufactures, repairs and
overhauls a broad portfolio of aerospace and defense systems,
components and structures. The company serves the global aviation
industry, including original equipment manufacturers and the full
spectrum of military and commercial aircraft operators.
More information about Triumph can be found on the company's
website at http://www.triumphgroup.com.
About TECT:
TECT Aerospace is a leading manufacturer
of complex aerostructures components, parts and assemblies
headquartered in Wichita, Kansas
with operations in Park City,
Kansas, Wellington, Kansas,
Kent, Washington, and Everett, Washington. More information about
TECT Aerospace can be found on the company web sites at
http://www.tectaero.com.
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SOURCE Triumph Group