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
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
"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