TRIUMPH COMPLETES ITS PORTFOLIO RESHAPING WITH THE SALE OF ITS STUART AEROSTRUCTURES BUSINESS TO DAHER AEROSPACE
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.
SOURCE Triumph Group
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