Triumph Group Announces The Sale Of Nashville Structures Assembly Site To TECT Aerospace

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Triumph Group Announces The Sale Of Nashville Structures Assembly Site To TECT Aerospace

PR Newswire

BERWYN, Pa., Oct. 10, 2019 /PRNewswire/ -- Triumph Group, Inc. (NYSE:TGI) announced today a definitive agreement to sell its Nashville based assembly operations to an affiliate of TECT Aerospace. TECT Aerospace manufactures complex aerostructure components, parts and assemblies from the full spectrum of traditional and aerospace alloys, and is headquartered in Wichita, Kansas.

The Nashville operations consist of long and large machining, processing and large-scale assembly. The two million square feet facility is located directly across from the Nashville airport. It has a workforce of approximately 300 people who support wing skin assembly and machining of stringers and spars. The business generated revenues of approximately $125 million during Triumph Group's fiscal year ended March 31, 2019.

"Today's announcement of the sale of our Nashville site to strategic buyer TECT Aerospace reflects the value of the factory, its experienced workforce, and the customer relationships Triumph and its predecessor companies have maintained for 80 years. This sale is consistent with our announced plans to exit non-core operations and position the company for reinvestment in new areas of opportunity centered on our Integrated Systems and aftermarket businesses," said Dan Crowley, President and CEO of Triumph Group. "Since 2016, Triumph has divested 12 of the original 47 operating companies as we reshape our portfolio and reduce debt to enhance shareholder value."

The transaction is subject to customary conditions and is expected to close by calendar year end.

Seal & Associates acted as exclusive financial advisor to Triumph on the transaction.

About Triumph Group:
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 http://www.triumphgroup.com.

About TECT:
TECT Aerospace is a leading manufacturer of complex aerostructures components, parts and assemblies headquartered in Wichita, Kansas with operations in Park City, Kansas, Wellington, Kansas, Kent, Washington, and Everett, Washington. More information about TECT Aerospace can be found on the company web sites at http://www.tectaero.com.

Cision View original content:http://www.prnewswire.com/news-releases/triumph-group-announces-the-sale-of-nashville-structures-assembly-site-to-tect-aerospace-300936867.html

SOURCE Triumph Group

Copyright CNW Group 2019

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).