Pete Wick to Serve as Executive Vice President of Aerospace Structures
BERWYN, Pa.--(BUSINESS WIRE)--Dec. 4, 2017--
Triumph Group, Inc. (NYSE: TGI) (“Triumph” or the “Company”)
today announced that it intends to combine Aerospace Structures and
Precision Components into one business unit, “Aerospace Structures,”
effective January 1, 2018. Pete Wick, current Executive Vice President
of Precision Components, will become Executive Vice President of the new
combined Aerospace Structures business unit.
“Aerospace Structures and Precision Components have each made
significant strides in their operational turnarounds and now have solid
foundations for growth. This is the right time to combine their
operations so that we can accelerate their turnaround to deliver value
for our shareholders and customers,” stated Daniel J. Crowley, Triumph’s
president and chief executive officer. “Since launching our
transformation efforts, the businesses have stabilized, performance is
improving, and backlog is growing. The business units’ abilities to
achieve key performance objectives are closely linked – they share many
of the same customers and suppliers, and have substantial inter-company
work on common programs. As a single business unit, we are confident
that we will leverage their combined resources to make them more cost
competitive and enhance performance.”
Beginning with the fourth quarter of fiscal 2018, Triumph will report
its financial results under the three market-focused business unit
structure – Integrated Systems, Product Support and Aerospace Structures.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of
aircraft structures, components, accessories, and systems. The Company
serves a broad spectrum of the global 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, including statements of
expectations of future performance and cost competitiveness. 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, 2017.
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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