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|Triumph Group Announces Organizational Realignment|
WAYNE, Pa., Apr 10, 2003 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) today announced the realignment of its operating structure and the designation of its Metals Group as a discontinued operation, effective March 31, 2003.
The realignment results in the five aviation segment groups consolidating into three through the following changes:
1) The Structures Group and the Control Systems Group are combined into the Triumph Aerospace Systems Group with Jeffry D. Frisby as Group President;
2) The Operational Components Group and the Gas Turbine Services Group are combined into the Triumph Components Group with William J. Hinz as Group President. In addition, Northwest Industries will be added to this group;
3) The Triumph Aftermarket Services Group with John M. Brasch as Group President, will be expanded to include two companies, Advanced Materials Technologies and Aerospace Technologies.
The majority of the costs associated with these steps have been incurred and expensed in the March quarter. The effect of implementation has included reduction in force, relocation and consolidation of operating locations as well as rationalization of working capital.
"It is clearly our responsibility to take cost out of our system and to organize our Company to better serve our customers", said Richard C. Ill, President and CEO of Triumph Group. In addition he said, "This realignment and associated costs incurred are a necessary response to the challenges evident in the aerospace and industrial gas turbine markets and better positions our Company to achieve increased market share in the future".
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 future growth opportunities at the subject operating company 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.Triumph Group, Inc. John Bartholdson, 610/251-1000 email@example.com