TRIUMPH COMPLETES ITS PORTFOLIO RESHAPING WITH THE SALE OF ITS STUART AEROSTRUCTURES BUSINESS TO DAHER AEROSPACE

Rhea-AI Summary

Triumph Group, Inc. (NYSE:TGI) announced the successful sale of its Aerostructures business in Stuart, Florida, to Daher Aerospace, effective July 1, 2022. This marks the sixteenth divestiture since its transformation began in 2016, aligning with Triumph's strategic goals. The sale allows Triumph to focus on being a pure-play provider of actuation, engine controls, and other aerospace services. The transaction relieved Triumph of customer advance obligations totaling approximately $104 million, enhancing its financial position.

Positive

• Triumph completed its sixteenth divestiture, indicating a strong commitment to its strategic transformation.
• The sale relieved Triumph of $104 million in outstanding customer advance obligations, strengthening its financial position.
• Triumph can now concentrate on core offerings, including actuation and engine controls.

Negative

• None.

News Market Reaction – TGI

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+0.68% Session move

In the trading session that priced this news, TGI gained 0.68%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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BERWYN, Pa., July 1, 2022 /PRNewswire/ -- Triumph Group, Inc. ("TRIUMPH") [NYSE:TGI] announced today the completion of the sale of its Aerostructures business in Stuart, Florida to Daher Aerospace Inc. ("Daher Aerospace"), a subsidiary of Compagnie Daher ("Daher"), effective July 1, 2022.

With the closing of this sale, its sixteenth divestiture since beginning its transformation in 2016, TRIUMPH has exited its build-to-print machining, fabrication, metal processing, and large structure assembly consistent with its strategic plan.

TRIUMPH moves forward as a leading, pure-play provider of actuation, engine controls, gearboxes and accessory drive units, mechanical and thermal systems, interiors, and MRO services. TRIUMPH was relieved of outstanding customer advance obligations of approximately $104.0 million in connection with the transaction. 

The Stuart business specializes in the assembly of large, complex metallic structures such as wing and fuselage assemblies, and has approximately 400 employees.

More information about TRIUMPH can be found on the company's website at www.triumphgroup.com.

View original content:https://www.prnewswire.com/news-releases/triumph-completes-its-portfolio-reshaping-with-the-sale-of-its-stuart-aerostructures-business-to-daher-aerospace-301579754.html

SOURCE Triumph Group

FAQ

What significant transaction did Triumph Group (TGI) announce on July 1, 2022?

Triumph Group announced the completion of the sale of its Aerostructures business in Stuart, Florida, to Daher Aerospace.

How many divestitures has Triumph Group completed since 2016?

Triumph Group has completed sixteen divestitures since starting its transformation in 2016.

What was the financial impact of the sale of the Aerostructures business on Triumph Group?

The sale relieved Triumph of customer advance obligations totaling approximately $104 million.

What areas will Triumph Group focus on after the sale of its Aerostructures business?

Triumph Group will focus on being a pure-play provider of actuation, engine controls, and related aerospace services.