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|Triumph Group Selected as Supplier of Major Part for a New Technology Power Generation System|
WAYNE, Pa.--(BUSINESS WIRE)--Nov. 20, 2002--Triumph Group, Inc. (NYSE:TGI) announced today that it has been selected by STM Power, Inc. of Ann Arbor, MI to supply the combustor and pre-heater assembly for their new line of Stirling Engine powered generators.
The long-term agreement between STM Power and Triumph Components-San Diego, Inc. has an estimated value in excess of $50 million over the next 5 years. TCSD has received a release for the first 1500 production units for delivery in CY 2003 and 2004.
Richard Ill, President and Chief Executive Officer of Triumph Group, Inc. said, "STM Power's decision to place this business with Triumph was driven by our ability to apply lean manufacturing principles and provide continuous improvement that will keep cost and quality in line with the demands of the market place. This win is in keeping with our strategy as a Group to further our business in the power generation market."
Thomas R. Hazlett, President and CEO of STM Power said, "The decision to select Triumph for this critical element of our PowerUnit was driven by our respect for the commitment of their team, and the quality of their work on our Beta units now operating in the field."
STM Power is the world leader in Stirling Cycle engine technology, and has made technological breakthroughs in the design, production and durability of their Stirling Cycle Engine. STM has been developing its solution for fuel-flexible, cost effective, low emission, low maintenance distributed power generation aggressively for the last 10 years.
The first model to be available will be capable of generating between 40 and 55 KW. Stirling Cycle engines are especially well suited to this application because they can harness energy from virtually any type of heat source, including heated air, solar power, or any combustible fuel, such as methane, hydrogen and biomass.
STM plans to introduce a family of systems ranging from 40KW to 160 KW, and to market them worldwide.
Triumph Components-San Diego, Inc. located at 203 North Johnson Ave., El Cajon, CA manufactures complex sheet metal assemblies for aerospace and power generation applications from a broad range of materials such as inconel, titanium and aluminum.
Triumph Group, Inc., headquartered in Wayne, PA designs, engineers, manufactures, and repairs aircraft components and power generation components and accessories.
The company serves a broad 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. Triumph also distribute, processes and fabricates metal assemblies.
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 about plans to introduce and market new power generation systems 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.