Triumph Group Announces Acquisition
BERWYN, Pa., Oct 31, 2011 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of the assets of Aviation Network Services, LLC, a leading provider of repair and refurbishment of aircraft interiors primarily for commercial airlines. The acquired business, which will operate as part of Triumph Interiors, LLC and be included in the Triumph Aftermarket Services Group, is expected to add approximately $3.0 million of revenue for the remaining five months of fiscal year 2012 and will be immediately accretive to earnings.
Aviation Network Services is located in Atlanta, Georgia and employs approximately 60 people. The company's primary service line is the repair and refurbishment of Passenger Service Units and other interior products.
Richard C. Ill, Triumph's Chairman and Chief Executive Officer, said, "This acquisition will expand our aircraft interior capabilities within our Aftermarket Services Group and provides opportunities to deliver value to our commercial airline customers. We are pleased that the management team, led by Del Chapman and Rex Lee, will remain with Triumph and we view the acquisition as an excellent strategic fit within our Aftermarket Services Group."
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. 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 Group 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. 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, 2011.
SOURCE: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo