BERWYN, Pa.--(BUSINESS WIRE)--Jun. 30, 2014--
Triumph Group, Inc.(NYSE:TGI) today announced the completion of
the previously announced acquisition of the hydraulic actuation business
of GE Aviation. The acquired business will operate as Triumph Actuation
Systems-Yakima and Triumph Actuation Systems- UK & IOM. The business is
expected to add approximately $180 million in annual revenue and to be
immediately accretive to earnings. The purchase price was approximately
Employing approximately 475 employees, the business is a technology
leader in actuation systems and does extensive business with Boeing,
Airbus and other major airframers. Key product offerings include
complete landing gear actuation systems, door actuation, nose-wheel
steering, hydraulic fuses, manifolds, flight control actuation and
locking mechanisms for the commercial, military and business jet markets.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“We are pleased to have acquired Triumph Actuation Systems-Yakima and
Triumph Actuation Systems-UK & IOM. Through this acquisition, we obtain
additional proprietary systems that augment our existing hydraulic
system capabilities and an outstanding group of employees. In addition,
this acquisition furthers our strategic goal of increasing our global
footprint, optimizing our segment and customer balance, and positioning
ourselves for future growth. We are also pleased that the existing
management team will remain with Triumph.”
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 can be found on the company’s website at 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, including statements of expected revenues or accretion
to earnings. 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, 2014.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo
Vice President, Tax &