WAYNE, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--Triumph Group, Inc.
(NYSE:TGI) today announced the acquisition of Rolls-Royce Gear
Systems, Inc. from Rolls-Royce North America Venture I Inc. for
consideration of $36 million. The acquired business, to be renamed
Triumph Gear Systems, Inc., is projected to add approximately $55
million of revenue for fiscal 2005 and be accretive to earnings.
Located in Park City, Utah, the company employs about 200 people
and specializes in the design, development, manufacture, sale and
repair of gearboxes, high-lift flight control actuators and
gear-driven actuators and gears for the aerospace industry. Primary
products include aircraft and engine mounted accessory drives, utility
actuation components and systems, high-lift actuation systems and
flight trim actuators for both civil and military application. The
company also operates a FAA and JAA certified repair and overhaul
center in Park City. As part of the transaction, Triumph and
Rolls-Royce have entered into exclusive long-term supply agreements
for all Rolls-Royce related business.
Richard C. Ill, Triumph's President and Chief Executive Officer,
said, "We are pleased to have acquired Triumph Gear Systems from
Rolls-Royce. The broad range of this company's engineering and system
design capabilities, particularly in the areas of geared systems and
high-lift actuation, expand the value added products and services
supplied by our Aerospace Systems Group and, in conjunction with ACR
Industries, provides Triumph with a significant position in
gear-driven actuation for the aerospace industry. Under the leadership
of Steve Rusk, the current President, we look forward to having
Triumph Gear Systems continue to provide unique cost effective product
and supply chain solutions to the marketplace."
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
More information about Triumph can be found on the Internet at
Statements which are not historical facts, including statements
regarding the future growth prospects for Triumph Gear Systems, Inc.
and Triumph Aerospace Systems Group, 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. 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, 2003.
CONTACT: Triumph Group, Inc., Wayne
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.