Triumph Group Announces Acquisition
WAYNE, Pa.--(BUSINESS WIRE)--April 4, 2006--Triumph Group, Inc. (NYSE:TGI) announced today the completion of an agreement to purchase the assets of Excel Manufacturing, Inc. The acquired business is expected to add approximately $35 million of revenue for fiscal 2007. The cash terms of the deal were not disclosed.
Excel Manufacturing is located in Wichita, Kansas and employs approximately 140 people. Excel manufactures aircraft structural components specializing in complex precision machining, subassemblies and sheet metal fabrication, primarily for major aviation and aerospace clients. Machining includes high-speed milling, conventional computer numerical control (CNC) machining, multi-axis CNC turning, water-jet machining and manual machining services. The company uses the latest state-of-the-art, high-speed machining processes and equipment to produce complex aircraft monolithic components, giving its customers a product made from one piece rather than the conventional metal assemblies.
Richard C. Ill, Triumph's President and Chief Executive Officer, said, "The Excel Manufacturing transaction adds a significant new capability to our Aerospace Systems Group with their high-speed monolithic machining processes. The ability to machine monolithic one-piece structural components strengthens Triumph's product offerings to our major airframe customers. Excel's strong existing backlog, military/commercial sales mix and projected sales growth should provide an attractive return on investment. We are pleased that the management team, led by Marwan Hammouri, will remain with Triumph to continue executing Excel's growth strategy."
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. The company serves a broad, worldwide spectrum of the aviation industry, including commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components.
More information about Triumph can be found on the Internet 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 expected future revenue and sales growth. 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's reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2005.
CONTACT: Triumph Group, Inc.
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.