Welcome to our dedicated page for Triumph Group news (Ticker: TGI), a resource for investors and traders seeking the latest updates and insights on Triumph Group stock.
Triumph Group, Inc. (historically NYSE: TGI) has generated a steady flow of news related to its role in the aerospace and defense sector and its corporate transformation from a public company to a privately held business. Company press releases and SEC filings describe Triumph as a Radnor, Pennsylvania-based manufacturer that designs, develops, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, subsystems, components and spare parts for OEMs and military and commercial aircraft operators worldwide.
News coverage for Triumph has included quarterly and annual financial results, where the company reported net sales, operating income and performance across commercial OEM, military OEM, commercial aftermarket, military aftermarket and non-aviation revenue categories. These releases have highlighted trends in aftermarket demand, OEM production volumes and backlog, as well as the company’s focus on IP-based OEM and aftermarket business and efforts to improve its Interiors operations.
Operational updates have featured program and contract announcements, such as Triumph Systems, Electronics and Controls extending and expanding its role as a strategic supplier to BAE Systems and the U.S. Army on the M777 Lightweight Howitzer platform, and Triumph Actuation Products and Services reporting record aftermarket shipments in support of Boeing 787 and Airbus A380 landing gear overhaul activity. Additional news has covered partnerships involving advanced manufacturing technologies, including collaboration with Divergent Technologies to qualify manned aircraft components produced using the Divergent Adaptive Production System.
Corporate and capital markets news has focused on Triumph’s acquisition by affiliates of Warburg Pincus and Berkshire Partners, the related merger agreement, and subsequent steps to delist its common stock from the New York Stock Exchange and terminate SEC registration. Updates from S&P Dow Jones Indices have also noted Triumph’s removal from the S&P SmallCap 600 index in connection with this transaction. Investors and observers using this news feed can review historical earnings releases, program announcements, partnership news and transaction-related disclosures to understand Triumph’s evolution and its position in aerospace and defense supply chains.
Triumph Group, Inc. (NYSE: TGI) will announce its fourth quarter fiscal year 2022 earnings on May 18, 2022, during a conference call scheduled for 8:30 AM ET. The call will include a slide presentation alongside the audio. Triumph specializes in aerospace and defense systems, serving the global aviation industry. Replay of the webcast will be available for 90 days post-call, and interested participants are advised to register early via the company's website.
Triumph Group (NYSE:TGI) announced the appointment of Neal J. Keating as an independent director, expanding its board to nine members. Keating brings extensive experience from his tenure as CEO of Kaman Corporation, where he led revenue growth and portfolio transformation. His background includes leadership roles at Hughes Supply and GKN Aerospace, and he currently serves on other corporate boards. Triumph's leadership believes Keating's aerospace expertise will enhance the board's effectiveness and support the company's focus on profitable growth.
Triumph Group (NYSE:TGI) has announced a rebranding initiative, adopting the name TRIUMPH and a new logo to reflect its streamlined organization and focus on core products in the aerospace and defense sectors. The transformation aims to signify unity and progress as the company pivots toward profitable growth. Chairman and CEO Daniel J. Crowley emphasized the importance of this new identity, aligning with the company's legacy while enhancing its global presence and collaboration across sites. TGI will continue to trade under its existing stock symbol.
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Triumph Group [NYSE:TGI] has announced a contract extension with a major European aerostructures provider for the supply of the Boeing 787 Cargo Door Actuation System, developed at its Clemmons, North Carolina facility. This product enhances Triumph's portfolio of cargo door and utility actuation systems used in transport aircraft. Scott Ledbetter, President, emphasized the system's reliability and integration. Triumph Actuation Products & Services specializes in complex hydraulic systems for the aerospace and defense sectors, with facilities across the U.S.
Triumph Group (TGI) announced a new streamlined organizational structure aimed at enhancing margins and improving operational efficiency. Effective April 1, 2022, the company will reorganize into four product and service operating companies, promoting a focused approach to meet customer needs. This transformation signifies Triumph's commitment to becoming a pure-play provider of systems and aftermarket services, with leadership changes in key positions. The company also plans to introduce a new corporate identity to reflect its unified operating philosophy in fiscal year 2023.
Triumph Group [NYSE:TGI] has secured a multi-year contract with Sikorsky, a Lockheed Martin Company, to supply equipment for the CH-53K helicopter. The contract covers systems including the Main Rotor Blade Folding System and Main Rotor Brake System, significantly benefiting Triumph's Seattle operations. As production ramps up to deliver 200 helicopters, Triumph will ensure ongoing equipment deliveries. This contract showcases Triumph's engineering expertise and strengthens its long-term partnership with Sikorsky.
Triumph Group [NYSE:TGI] announced a five-year contract with Naval Supply Systems Command to provide repair and upgrade services for enhanced digital electronic control units (EDECUs) used in the T700 engine for the U.S. Navy's SH-60 Seahawk helicopter. This partnership reinforces Triumph's long-standing relationship with the Navy, emphasizing quality and quick service. Triumph specializes in aerospace systems and components, operating facilities in Connecticut and Ohio, and aims to support the Navy's operational readiness.
Triumph Group [NYSE:TGI] has been selected to supply Hydraulic Power Pack Units for Mammoth Freighters' 777 Freighter Conversion Program. This partnership highlights Triumph's expertise in providing cost-effective hydraulic solutions, specifically designed at their Clemmons, North Carolina facility. With the growing demand for passenger-to-freighter modifications, Triumph aims to support Mammoth’s development of energy-efficient freight aircraft. Additionally, Triumph Actuation Products & Services offers a wide range of aerospace products and services, underscoring their role in the aviation industry.
Triumph Group has adopted a new tax benefits preservation plan to safeguard its net operating loss carryforwards and other tax attributes, approximating $326.4 million as of March 31, 2022. The new plan replaces the expiring rights plan and aims to prevent ownership changes that could limit the use of these Tax Benefits. Triumph will seek stockholder approval at the upcoming annual meeting. Administrative actions will delist rights under the previous plan from the NYSE, which will not affect the company's common stock listing.
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