Triumph Group, Inc. Announces Acquisition
WAYNE, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of Rolls-Royce Gear Systems, Inc. from Rolls-Royce North America Venture I Inc. for consideration of $36 million. The acquired business, to be renamed Triumph Gear Systems, Inc., is projected to add approximately $55 million of revenue for fiscal 2005 and be accretive to earnings.
Located in Park City, Utah, the company employs about 200 people and specializes in the design, development, manufacture, sale and repair of gearboxes, high-lift flight control actuators and gear-driven actuators and gears for the aerospace industry. Primary products include aircraft and engine mounted accessory drives, utility actuation components and systems, high-lift actuation systems and flight trim actuators for both civil and military application. The company also operates a FAA and JAA certified repair and overhaul center in Park City. As part of the transaction, Triumph and Rolls-Royce have entered into exclusive long-term supply agreements for all Rolls-Royce related business.
Richard C. Ill, Triumph's President and Chief Executive Officer, said, "We are pleased to have acquired Triumph Gear Systems from Rolls-Royce. The broad range of this company's engineering and system design capabilities, particularly in the areas of geared systems and high-lift actuation, expand the value added products and services supplied by our Aerospace Systems Group and, in conjunction with ACR Industries, provides Triumph with a significant position in gear-driven actuation for the aerospace industry. Under the leadership of Steve Rusk, the current President, we look forward to having Triumph Gear Systems continue to provide unique cost effective product and supply chain solutions to the marketplace."
Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and industrial gas turbine components and accessories. The Company serves a broad, worldwide spectrum of the aviation industry, including commercial airlines and air cargo carriers, as well as original equipment manufacturers of aircraft and aircraft components and power generation equipment.
More information about Triumph can be found on the Internet at http://www.triumphgroup.com.
Statements which are not historical facts, including statements regarding the future growth prospects for Triumph Gear Systems, Inc. and Triumph Aerospace Systems Group, contained in this release, are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. The company wishes to caution readers that several important factors 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's reports filed with the SEC, including our Form 10-K for the year ended March 31, 2003.CONTACT: Triumph Group, Inc., Wayne
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.