BERWYN, Pa.--(BUSINESS WIRE)--Jan. 18, 2013--
Triumph Group, Inc. (NYSE:TGI) today announced the signing of a
definitive agreement to acquire the pump and engine control systems
business of Goodrich Corporation (Goodrich Pump & Engine Control Systems
or GPECS) from United Technologies Corporation. The acquisition is
subject to regulatory approvals and other customary closing conditions
and is expected to close in the current fiscal quarter. The acquired
business, which will operate as Triumph Engine Control Systems, LLC and
be included in the Aerospace Systems Group, is expected to add
approximately $195.0 million in annual revenue and to be immediately
accretive to earnings.
GPECS is a leading independent aerospace fuel system supplier for the
commercial, military, helicopter and business jet markets. Located in
West Hartford, Connecticut, the company’s key product and service
offerings include electronic engine controls, fuel metering units, main
fuel pumps for both the OE and aftermarket/spares end markets. The
company employs approximately 530 employees exclusively at its West
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said,
“The acquisition of GPECS will provide Triumph with proprietary
capabilities in a market where we do not currently participate. In
addition, the acquisition will enhance our ties to existing customers
while also further diversifying our customer base due to GPECS’ strong
alignment with all major engine OEMs and the U.S. Army. We are pleased
that the management team, led by Alec Searle, will remain with Triumph
to continue to deliver exceptional value to their global 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.
RBC Capital Markets acted as exclusive financial advisor and Ballard
Spahr LLP served as legal counsel to Triumph on the transaction.
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, including statements of
expected annual revenue and impact on earnings. 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. 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, 2012.
Source: Triumph Group, Inc.
Triumph Group, Inc.