WAYNE, Pa.--(BUSINESS WIRE)--June 2, 2003--Triumph Group, Inc.
(NYSE:TGI) announced today completion of the purchase of the assets of
Parker Hannifin's United Aircraft Products Division, located in
The acquired business, renamed Triumph Thermal Systems, Inc., is
projected to add approximately $17 million of revenue for the ten
months of fiscal 2004 and be accretive to earnings.
About 130 employees at the Forest plant will now work for Triumph
Thermal Systems. 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. Triumph Thermal
Systems 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 acquired Triumph Thermal
Systems. The technology and proprietary products of Triumph Thermal
Systems, which provides temperature-conditioning solutions through
specialized heat transfer technologies, are complementary to other
products supplied by our Aerospace Systems Group and expand the
products and services we can offer our hydraulic systems customers. We
are also pleased that the company will continue to be led by Michael
Perhay and his management team. We sincerely appreciate the efforts
made by all parties, including United Automobile, Aerospace and
Agricultural Implement Workers, Local 1033, to enable us to complete
Parker retained the air separation product line for on board inert
gas generation systems and on board oxygen generation systems.
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 the effect of this acquisition on the Company's sales growth
in the aircraft manufacturing industry and aftermarket and its ability
to successfully take advantage of new manufacturing systems, 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.