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|Triumph Group Announces Realignment Of Operations|
WAYNE, Pa.--(BUSINESS WIRE)--March 30, 2004--Triumph Group, Inc. (NYSE:TGI) today announced that effective April 1, 2004, the Company will realign its operating structure into two business groups, Triumph Aerospace Systems Group and Triumph Aftermarket Services Group, under the leadership of Jeffry Frisby and John Brasch, respectively. The companies that formerly were included in Triumph Components Group have been consolidated into these two groups.
In addition, Triumph announced that effective April 1, 2004, several of its operations in the Phoenix, Arizona area, including Triumph Components - Arizona, Inc., Triumph Thermal Processing Company, Advanced Materials Technologies, Inc., and Special Processes of Arizona, Inc., will be combined to form a new company, Triumph Engineered Solutions, Inc., which will be part of Triumph Aftermarket Services Group. Richard Wisniewski, formerly President of Triumph Air Repair, will become President of Triumph Engineered Solutions, Inc. Michael Hansen, President of Triumph Accessory Services in Wellington, Kansas, will become the new President of Triumph Air Repair in Phoenix. A successor to Mr. Hansen at Triumph Accessory Services will be named shortly.
Commenting on the reorganization, Richard C. Ill, President and CEO of Triumph Group said, "This new organizational structure is consistent with our continued growth and development as a significant provider of turbine products and services to aerospace and turbine operators and to the maintenance, repair and overhaul market. The new organization is intended to enhance our ability to deliver better-coordinated solutions for our customers' needs. The creation of our new company, Triumph Engineered Solutions, will enable us to more efficiently produce the products used by our customers for their turbine component maintenance requirements."
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.
More information about Triumph can be found on the Internet at http://www.triumphgroup.com.
Statements which are not historical facts, including statements regarding the company's ability to deliver better coordinated solutions to customers and its ability to more efficiently produce product for turbine component maintenance, 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, 2003.
CONTACT: Triumph Group, Inc., Wayne