Triumph Group Announces Acquisition
WAYNE, Pa.--(BUSINESS WIRE)--Nov. 6, 2006--Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of Allied Aerospace Industries, Inc., a premier provider of engineering design and manufacturing solutions for complex aerospace and defense programs, from an affiliate of Kohlberg & Company, L.L.C. for an undisclosed amount of cash. The acquired business, which will operate as Triumph Aerospace Systems - Newport News and be part of the Aerospace Systems Group, is projected to add approximately $19 million of revenue for the remaining five months of fiscal year 2007 and be immediately accretive to earnings.
Allied Aerospace is headquartered in Newport News, Virginia with additional operations in Florida, California and Alabama and has a highly skilled and technically oriented workforce of approximately 160 people. The company offers a fully integrated range of capabilities, including systems engineering, conceptual engineering, mechanical design and analysis, prototype and limited-rate production, and instrumentation assembly and testing services.
Richard C. Ill, Triumph's President and Chief Executive Officer, said, "As a leading provider of comprehensive and high value engineering solutions, the Allied Aerospace acquisition allows Triumph to meet the growing demand for outsourced technical design and engineering capabilities. We view their program management and service focus as excellent additions to the Aerospace Systems Group's core competencies. We are pleased that the management team, led by Bill Jacobson, will remain with Triumph to continue to deliver exceptional value to their customers."
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 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 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 revenues and accretion. 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 year ended March 31, 2006.
CONTACT: Triumph Group, Inc.
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.