BERWYN, Pa.--(BUSINESS WIRE)--May 14, 2018--
Triumph Group, Inc. (NYSE:TGI) announced today that it has reached
agreements for divestiture of three businesses in alignment with the
company’s transformation strategy to reshape its portfolio to focus on
businesses that best fit the strategic direction of the company. The
businesses generated revenues of approximately $165 million in Triumph
Group’s fiscal year ended March 31, 2018.
On May 11, 2018Triumph Group signed a definitive agreement to sell
Triumph Aerospace Structures Long and Large (L&L) machining and metal
finishing operations to Aerospace Systems and Structures LLC, a
California specialty aerospace investment firm, and Valence Surface
Technologies LLC, a leading aerospace product finishing company, backed
by Trive Capital, a $2 billion private equity firm with experience in
the aerospace industry.
The sale of L&L consists of Triumph Structures – Los Angeles, Inc.
(TSLA) and Triumph Processing, Inc. (TPI), together employing
approximately 400 people in the Los Angeles area. TSLA consists of four
locations and specializes in manufacturing and assembly of large
structural components including stringers, spars, chords, landing gear
assemblies, and beams up to 180 feet in length. TPI, located in Lynwood,
CA, is an aerospace specialty processing business offering
non-destructive testing, chemical processing, and paint services to the
global aerospace industry, differentiated by its state of the art
facilities and large part processing line with tanks over 100 feet in
length. The transaction is subject to customary closing conditions.
On May 3, Triumph Group signed a definitive agreement to sell the assets
of the APU Repair Product Line (RPL) of Triumph Aviation Services Asia,
Ltd. (TASA) to TurbineAero Repair LTD. RPL is based in Chonburi,
Thailand, employs approximately 20 people, and provides repair services
for APU component parts. The transaction is subject to customary closing
On March 28, Triumph Group sold Triumph Structures – Long Island, LLC to
Aero Structures Long Island, Inc. Structures – Long Island is located in
Westbury, NY, employs approximately 90 people, and machines, finishes
and assembles bulkheads, floors, frames, bell cranks and other small
“With the announcement of these three transactions with strategic
buyers, Triumph continues to execute on its transformation plan,
divesting non-core businesses to enable debt reduction and reinvestment
in new areas of opportunity,” said Triumph Group President and CEO, Dan
Crowley. “I am confident that the new owners will be responsible
stewards of these businesses and accelerate their performance as part of
more specialized enterprises.”
Seale & Associates acted as exclusive financial advisor to Triumph on
the L&L and RPL transactions. Stradley Ronon Stevens & Young, LLP served
as Triumph’s legal advisor on the L&L and Structures – Long Island
transactions, while Ballard Spahr LLP served as the legal advisor for
the RPL transaction.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of
aircraft structures, 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.
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Source: Triumph Group, Inc.
Triumph Group, Inc.
Michele Long, 610-251-1000
G. Spagnolo, 610-251-1000
Vice President – Tax & Investor Relations