WAYNE, Pa.--(BUSINESS WIRE)--Feb. 27, 2009--
Triumph Group, Inc. (NYSE:TGI) today announced that it has
entered into an agreement to purchase the assets of the aviation segment
of Kongsberg Automotive (KA). The agreement is subject to German and
U.K. aviation regulatory approvals, the expiration of the German
employees' transfer period pursuant to German labor laws and other
contractual consents. The transaction is expected to be completed by
March 31, 2009. The acquired business, which is located in Basildon,
U.K. and Heiligenhaus, Germany, provides cable control systems for
commercial and military aircraft to Europe's leading aerospace
manufacturers. The company will operate as Triumph Controls-U.K., Ltd.
and as Triumph Controls-Germany, GmbH and will be part of Triumph
Aerospace Systems Group.
Employing approximately thirty people, the business produces and repairs
cable control systems for ground, flight, engine management and cabin
comfort features in aircraft.
Richard C. Ill, Triumph's President and Chief Executive Officer, said,
“We view this acquisition as an opportunity to further complement our
existing product line of electro-mechanical control systems and to
expand the breadth of products and services we offer to our customers.
We believe this addition is an excellent strategic fit within our
Aerospace Systems Group and will make an immediate contribution to
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls aircraft components and
accessories. The company serves a broad, worldwide spectrum of the
aviation industry, including original equipment manufacturers of
commercial, regional, business and military aircraft and aircraft
components, as well as commercial and regional airlines and air cargo
More information about Triumph can be found on the Internet at http://www.triumphgroup.com.
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995, including statements of
expected earnings and accretion. All forward-looking statements involve
risks and uncertainties which 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 Annual Report on
Form 10-K for the year ended March 31, 2008.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo