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|Triumph Group Announces Acquisition|
|WAYNE, Pa., Apr 29, 2002 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI)
announced today the acquisition of certain assets of Ozone Industries, Inc.,
located in East Lyme, CT, which is a subsidiary of BBA U.S. Holdings, Inc.
The new company will become a part of the Triumph Control Systems Group's HTD Aerospace, Inc. The acquired business is projected to add approximately $15 million of revenue for fiscal 2003 and be accretive to earnings this year.
The acquired assets are used in conjunction with the design, development, testing and manufacturing of aircraft hydraulic systems and components for the defense and commercial markets. These proprietary products include nose wheel steering assemblies and hydraulic quick disconnect couplings. As an FAA approved repair station, the Company services its own products.
The acquired business mix is approximately 70 percent military and 30 percent commercial.
Richard C. Ill, President and Chief Executive Officer of Triumph Group, Inc. said, "We view the acquisition of Ozone's assets and its proprietary product line as an additional opportunity to leverage our current proprietary system design capabilities and expand the breath of products and services to our customers. The acquired business is an excellent fit within our Control Systems Group and will make an immediate contribution to earnings."
Mr. Ill went on to state, "The first quarter is expected to be impacted by the additional negative consequence of Bombardier's Canadair strike, offset by the year's projected rebound in commercial airline traffic, and the accretive effect of this acquisition. As a result, we are raising our guidance for fiscal 2003 EPS to a range of $3.05 to $3.45 on sales of $615 to $665 million."
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. The Company also distributes, processes and fabricates metal products.
More information about Triumph can be found on the World Wide Web Site at http://www.triumphgroup.com.
Statements which are not historical facts, including statements regarding projected fiscal year sales revenues, EPS guidance and first quarter results, 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 including statements regarding the outlook for continued opportunities for future growth. 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, 2001.
CONTACT: Triumph Group, Inc., Wayne JoAnn P. Huston, 610/293-6823 Ext.104 firstname.lastname@example.org