BERWYN, Pa.--(BUSINESS WIRE)--Mar. 18, 2013--
Triumph Group, Inc. (NYSE:TGI) today announced the completion of
the previously announced acquisition of the pump and engine control
systems business of Goodrich Corporation (Goodrich Pump & Engine Control
Systems or GPECS) from United Technologies Corporation. The acquired
business will continue to be led by Alec Searle and will operate as
Triumph Engine Control Systems, LLC and be included in the Aerospace
Systems Group. The business is expected to add approximately $195.0
million in annual revenue and to be immediately accretive to earnings in
fiscal year 2014.
Based in West Hartford, Connecticut, GPECS is a leading independent
aerospace fuel system supplier for the commercial, military, helicopter
and business jet markets. Employing approximately 530 employees, the
company’s key products and services include electronic engine controls,
fuel metering units and main fuel pumps for both the OE and
aftermarket/spares end markets.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“We are pleased to have acquired Triumph Engine Control Systems. We are
excited about the potential for growth at the company, which provides
new capabilities in a market where we do not currently participate and
further diversifies our customer base. Through this acquisition, we
obtain a world-class facility, proprietary capabilities and an
outstanding group of employees. We are also pleased that the management
team, led by Alec Searle, will remain with Triumph to continue to
deliver exceptional value to their global 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, 2012.
Source: Triumph Group, Inc.
Triumph Group, Inc.