BERWYN, Pa.--(BUSINESS WIRE)--May 27, 2014--
Triumph Group, Inc.(NYSE:TGI) today announced that it has
entered into a definitive agreement to acquire the hydraulic actuation
business of GE Aviation. GE’s hydraulic actuation business consists of
three facilities located in Yakima, Washington, Cheltenham, England and
the Isle of Man and will be included in the Aerospace Systems Group. The
business is expected to add approximately $180 million in annual revenue
and to be immediately accretive to earnings. The purchase price will be
approximately $70 million.
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,
“The addition of GE Aviation’s hydraulic actuation business will be a
good fit within our Aerospace Systems segment and provide additional
proprietary systems that augment our existing hydraulic system
capabilities. In addition, this accretive acquisition furthers our
strategic goals of increasing our global footprint, optimizing our
segment and customer balance, and positioning ourselves for future
growth. We are pleased that the existing management team will remain
with Triumph to continue to deliver exceptional value to their global
The acquisition is subject to regulatory approvals and other customary
closing conditions and is expected to close in the current fiscal
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 &