WAYNE, Pa.--(BUSINESS WIRE)--May 5, 2003--Triumph Group, Inc.
(NYSE:TGI) announced today the signing of an agreement to purchase the
assets of United Aircraft Products (UAP) from Parker Hannifin
The agreement is subject to the successful negotiation and
ratification of a new collective bargaining agreement between Triumph
and the UAW local at Forest, Ohio where the facility is located. The
acquired business is expected to add approximately $20 million of
revenue for Fiscal 2004. The cash terms of the deal were not
United Aircraft Products is located in Forest, Ohio and employs
about 130 people. 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. United Aircraft
Products 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 been selected by Parker to
acquire United Aircraft Products. The technology and proprietary
products of United Aircraft Products, which provides temperature
conditioning solutions through specialized heat transfer technologies,
are complementary to other products supplied by our Aerospace Systems
Group and expands the products and services we can offer our hydraulic
systems customers. We are also pleased that the company will continue
to be led by UAP's Michael Perhay."
Parker Aerospace, Group Vice President, Frank Nichols stated, "We
are pleased to announce Triumph Group, Inc. as the buyer for United
Aircraft Products. Triumph was the only acceptable bidder that made a
commitment to continue to operate the plant in Forest. With its strong
reputation in the aerospace industry we are confident that Triumph is
an excellent fit for UAP and that it will continue to grow the
business." Parker's air separation product line for on board inert gas
generation systems and on board oxygen generation systems was retained
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.
CONTACT: Triumph Group, Inc., Wayne
John Bartholdson, 610/251-1000
SOURCE: Triumph Group, Inc.