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|Triumph Group Completes Acquisition|
WAYNE, Pa.--(BUSINESS WIRE)--June 2, 2003--Triumph Group, Inc. (NYSE:TGI) announced today completion of the purchase of the assets of Parker Hannifin's United Aircraft Products Division, located in Forest, Ohio.
The acquired business, renamed Triumph Thermal Systems, Inc., is projected to add approximately $17 million of revenue for the ten months of fiscal 2004 and be accretive to earnings.
About 130 employees at the Forest plant will now work for Triumph Thermal Systems. Established in 1929, the company specializes in the design, development, manufacture, sale and service of heat exchangers for the aerospace industry.
Products include Plate Fin, Tubular, and Surface Heat Exchangers, Liquid Cooling Systems, Electronic Cooling Systems, Oil Reservoirs and High Temperature Bleed Air ECS Heat Exchangers. The company also operates a FAA certified repair station in Forest. Triumph Thermal Systems will become part of the Triumph Aerospace Systems Group.
Richard C. Ill, President and Chief Executive Officer of Triumph Group, Inc. said, "We are pleased to have acquired Triumph Thermal Systems. The technology and proprietary products of Triumph Thermal Systems, which provides temperature-conditioning solutions through specialized heat transfer technologies, are complementary to other products supplied by our Aerospace Systems Group and expand the products and services we can offer our hydraulic systems customers. We are also pleased that the company will continue to be led by Michael Perhay and his management team. We sincerely appreciate the efforts made by all parties, including United Automobile, Aerospace and Agricultural Implement Workers, Local 1033, to enable us to complete this transaction."
Parker retained the air separation product line for on board inert gas generation systems and on board oxygen generation systems.
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.CONTACT: Triumph Group, Inc., Wayne John Bartholdson, 610/251-1000 email@example.com
SOURCE: Triumph Group, Inc.