BERWYN, Pa.--(BUSINESS WIRE)--Oct. 17, 2014--
Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of
North American Aircraft Services, Inc. (“NAAS”), a leading provider of
aviation maintenance, repair and overhaul (“MRO”) services focused
primarily on plane-side aircraft fuel systems. The acquired business
will operate as Triumph Aviation Services – NAAS Division and be
included in the Aftermarket Services Group. The business is expected to
add approximately $35.0 million in annual revenue and to be immediately
accretive to earnings.
Based in San Antonio, Texas, NAAS delivers line maintenance services,
ground support maintenance, routine and emergency fuel systems
maintenance and repair, fuel leak detection and fuel bladder cell repair
services. The company employs approximately 300 people, the majority of
whom are located at FBO business units throughout the United States, as
well as at international locations. NAAS does extensive business with
Boeing, Airbus, Northrop Grumman, Southwest Airlines, FedEx and UPS.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“We are pleased to have acquired Triumph Aviation Services – NAAS
Division, which supports our stated strategy to accelerate growth in our
aftermarket business. This acquisition creates an opportunity to move
towards a point of use service model and provide our customers with
plane-side solutions. Through NAAS’ extensive network of global MRO
locations, Triumph will be well positioned to provide an expanded
offering of services to our global customers. In addition, this
acquisition furthers our strategic goal of optimizing our segment and
customer balance, expanding our global footprint, and positioning
ourselves for future profitable growth. We are also pleased that NAAS’
strong existing management team, led by Scott Hagler, will remain with
Triumph as we continue to deliver exceptional value to customers.”
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 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, 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
President-Tax & Investor Relations