Triumph Group Announces Acquisition
WAYNE, Pa.--(BUSINESS WIRE)--Jan. 16, 2007--Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of Grand Prairie Accessory Services, LLC, a leading provider of overhaul, repair and testing services for aircraft engines and airframe accessories. The acquired business, which will operate as Triumph Accessory Services-Grand Prairie and be part of the Triumph Aftermarket Services Group, is expected to add approximately $7 million of revenue for the remaining three months of fiscal 2007 with revenue growth in excess of 15% expected for fiscal 2008 and will be immediately accretive to earnings.
Grand Prairie Accessory Services is located in Grand Prairie, Texas and employs approximately 90 people. The company provides comprehensive maintenance solutions for engine accessories related to the CF34, CFM56, CF6, CT7 and V2500 family of engines. Capabilities include fuel, oil, pneumatic, hydraulic and mechanical engine accessories for these and other aero and aero-derivative gas turbine engines.
Richard C. Ill, Triumph's President and Chief Executive Officer, said, "The acquisition of Grand Prairie adds a significant new capability to our Aftermarket Services Group and allows Triumph to provide one of the most comprehensive ranges of accessory MRO capabilities worldwide. We are pleased that the management team, led by Dennis Walsh and Kevin Murphy, will remain with Triumph and view the acquisition as an excellent strategic fit within our Aftermarket Services Group."
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, revenue growth 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.
Senior Vice President,
Chief Financial Officer
SOURCE: Triumph Group, Inc.