BERWYN, Pa., Aug. 4, 2020 /PRNewswire/ -- Triumph Group,
Inc. (NYSE: TGI) ("Triumph" or the "Company") today
announced it has reached a definitive agreement to sell its G650
program scope of work including supply chain management,
engineering services, and related tooling, inventory, facilities,
personnel, and warranty obligations to Gulfstream Aerospace. This
agreement follows the Company's transfer of the G650 wing assembly
line in Tulsa, Oklahoma to
Gulfstream's Savannah, Georgia
facility in 2019.
The G650 wing program was transferred from Spirit Aerosystems to
Triumph Group in 2015. Following Triumph's strategic decision to
exit non-core structures manufacturing, the G650 wing production
lines in Nashville, Tennessee and
Tulsa, Oklahoma were transferred
to Gulfstream in sequence without interruption to Gulfstream's
internal G650 production line. This agreement also provides price
adjustments for critical G600 composite parts retained by Triumph
Aerospace Structures Red Oak Texas plant.
"Triumph continues to optimize its program and operating company
portfolio in partnership with our OEM customers and strategic
partners to reach our future state focused on defense programs,
critical systems components and aftermarket services," said
Daniel Crowley, Triumph Group
President and Chief Executive Officer. "We are proud to have
supported Gulfstream on the G650 since 2015 and look forward to
supplying critical composite parts more suited to our long-term
strategy."
The transaction is subject to customary closing conditions and
should be complete in the next few weeks. Financial terms were not
disclosed.
Lazard is acting as an exclusive financial advisor to Triumph on
the transaction.
About Triumph
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers,
manufactures, repairs and overhauls a broad portfolio of aerospace
and defense systems, components and structures. The company serves
the global aviation industry, including original equipment
manufacturers and the full spectrum of military and commercial
aircraft operators. More information about Triumph can be found on
the Company's website at www.triumphgroup.com.
Forward Looking Statements
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
expectations of or assumptions about our financial results for
fiscal year 2020, and our ability to achieve cost savings and the
benefits of our operational efficiency initiatives. 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, 2020. The Company undertakes no
obligation to update any such forward-looking statement.
Widespread health developments, including the recent global
coronavirus (COVID-19), and the responses thereto (such as
voluntary and in some cases, mandatory quarantines as well as shut
downs and other restrictions on travel and commercial, social and
other activities) could adversely and materially affect, among
other things, the economic and financial markets and labor
resources of the countries in which we operate, our manufacturing
and supply chain operations, commercial operations and sales force,
administrative personnel, third-party service providers, business
partners and customers and the demand for our products, which could
result in a material adverse effect on our business, financial
conditions and results of operations.
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SOURCE Triumph Group