BERWYN, Pa.--(BUSINESS WIRE)--Aug. 15, 2013--
Triumph Group, Inc. (NYSE:TGI) today announced the signing
of a definitive agreement to acquire General Donlee Canada Inc.
(GDI.TO), a leading manufacturer of flight critical complex machined
components. Triumph will pay a total of approximately $110.0 million in
cash to acquire General Donlee’s outstanding equity and retire its
existing debt. The transaction is subject to customary closing
conditions, including the approval of the General Donlee shareholders,
and is expected to be completed in the third quarter of fiscal year
2014. The acquired business will be included in the Aerospace Systems
Group. The business is expected to add approximately $60.0 million in
annual revenue and to be immediately accretive to earnings.
Based in Toronto, Canada, General Donlee is a leading manufacturer of
precision machined products for the aerospace, nuclear and oil and gas
industries. With approximately 200 employees, the company’s primary
product lines include engine shafts, thrust links, rotorcraft masts and
landing gear applications. Key customers include GE Aviation and Bell
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“The acquisition of General Donlee will add a strong position in engine
and main rotor shafts to our product capabilities. The proprietary
manufacturing methods and technological know-how of the workforce
positions the company well as the preferred supplier on many of its
products. In addition, the acquisition will enhance our ties to existing
customers as well as further diversifying our customer base. We are
pleased that the management team will remain at Triumph to
continue to deliver exceptional value to their customers.”
Triumph Group, Inc. headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of
aerostructures, aircraft components, accessories, subassemblies and
systems. 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 carriers.
More information about Triumph can be found on the company’s website 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. 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, including statements of expected revenues or accretion
to earnings. Further information regarding the important factors that
could cause actual results to differ from projected results can be found
in Triumph Group’s reports filed with the SEC, including our Annual
Report on Form 10-K for the fiscal year ended March 31, 2013.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo