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|Triumph Group Completes Acquisition|
WAYNE, Pa.--(BUSINESS WIRE)--Jan. 10, 2003--Triumph Group, Inc. (NYSE:TGI) announced today completion of the purchase of the assets of The Boeing Company's Spokane Fabrication Operation, located in Spokane, Washington.
The acquired business, Triumph Composite Systems, Inc., is projected to add approximately $60 million of revenue for fiscal 2004 and be accretive to earnings.
About 335 employees at the Spokane plant will now work for Triumph Composite Systems. Built in 1990, the Spokane facility is dedicated to the production of aircraft parts made of composite and thermoplastic materials. Primary products include floor panels, air control system ducts and non-structural composite flight deck components.
As part of the transaction, Triumph and Boeing have entered into an eight-year single source supply agreement for the products currently produced by the Spokane facility.
Richard C. Ill, President and Chief Executive Officer of Triumph Group, Inc. said, "We are pleased to have acquired Triumph Composite Systems from The Boeing Company. We are excited about the potential for growth at the company, which adds new capabilities in the area of composites and plastics that Triumph can offer to its global customers. Through the acquisition we acquire a world-class facility, tremendous product capabilities and an outstanding group of employees. We sincerely appreciate the efforts made by all parties, including Spokane's employees, the International Association of Machinists and the Society of Professional Engineering Employees in Aerospace to enable us to complete this transaction."
While part of Boeing, the Spokane facility was managed by Mary Lou Thomas, who will continue in that capacity as part of the Triumph management team. According to Ms. Thomas, "Triumph represents a new beginning for our employees, one that has exciting growth opportunities for our business. We are excited about joining Triumph and look forward to helping Triumph achieve its objectives as we move forward together."
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 the effect of this acquisition on the Company's sales growth in the aircraft manufacturing industry and aftermarket and its ability to successfully take advantage of new manufacturing 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, 2002.