Triumph Group Shares Trading Higher on NYSE Wednesday
May 27 2020 - 2:40PM
Dow Jones News
By Stephen Nakrosis
Shares of Triumph Group Inc. are moving higher on the New York
Stock Exchange Wednesday, as the company said it is reducing its
number of aerospace structures sites and cutting staffing as a
result of its "comprehensive de-risking actions."
At 1:54 p.m. EDT, the company's shares had gained 27.64% to
trade at $7.99. Volume topped 3 million shares, above the 65-day
average volume of some 1.5 million.
Triumph said it had agreed in principle to sell its G650/G700
wing business to Gulfstream, secured purchase orders from Boeing
Commercial Airplanes across multiple programs and reached an
agreement with Israel Aviation Industries "to accelerate transfer
of the G280 wing program to IAI and Korean Aerospace
Industries."
Taken together, the company's comprehensive de-risking actions
will reduce the number of Aerospace Structures sites from 34 to 9,
reduce occupied space by 4.4 million square feet, and reduce
staffing levels by over 4,000 employees.
Triumph makes and repairs systems for the defense and aerospace
industries.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 27, 2020 14:25 ET (18:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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