BERWYN, Pa.—-May 27, 2014– Triumph Group, Inc. (NYSE:TGI) today announced that it has entered into a definitive agreement to acquire the hydraulic actuation business of GE Aviation. GE’s hydraulic actuation business consists of three facilities located in Yakima, Washington, Cheltenham, England and the Isle of Man and will be included in the Aerospace Systems Group. The business is expected to add approximately $180 million in annual revenue and to be immediately accretive to earnings. The purchase price will be approximately $70 million.
Employing approximately 475 employees, the business is a technology leader in actuation systems and does extensive business with Boeing, Airbus and other major airframers. Key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steering, hydraulic fuses, manifolds, flight control actuation and locking mechanisms for the commercial, military and business jet markets.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “The addition of GE Aviation’s hydraulic actuation business will be a good fit within our Aerospace Systems segment and provide additional proprietary systems that augment our existing hydraulic system capabilities. In addition, this accretive acquisition furthers our strategic goals of increasing our global footprint, optimizing our segment and customer balance, and positioning ourselves for future growth. We are pleased that the existing management team will remain with Triumph to continue to deliver exceptional value to their global customers.”
The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the current fiscal quarter.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at www.triumphgroup.com.
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. 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, including statements of expected revenues or accretion to earnings. 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, 2014.
The Weil team includes:
Partner Jackie Cohen (New York)
Partner Simon Lyell (London)
Associate Dawn Kim (New York)
Adam Templeton (New York) (not yet admitted to practice)
Partner Ken Heitner (New York)
Associate Lane Morgan (Dallas)
Technology & IP Transactions:
Partner Jeffrey Osterman (New York)
Associate Janell Wise (New York)
Partner Paul Wessel (New York)
Partner Joanne Etherton (London)
Associate Helen Mungeam (London)
Associate Daniel Birnhak (New York)
Partner Annemargaret Connolly (Washington)
Associate Thomas Goslin (Washington)
Counsel Elliot Ganchrow (New York)
Associate Jacqui Shimmin (London)