Triumph Group, Inc. (NYSE: TGI) has announced it will maintain its liquidity position with USD 75m in cost reductions, the company said.
The Company announced certain cost reduction initiatives to align capacity with expected demand and meet our commitments to all stakeholders.
To date, there has been no material impact to Triumph´s backlog or revenue as a result of COVID-19 and the Company currently anticipates no material impact to results for fiscal year 2020 which ends March 31, 2020. Triumph´s diversified product and service offerings across defense, commercial, and international markets lessen the impact of disruptions to any one program or market segment.
As of this time, all of Triumph´s factories and key suppliers remain operational. While the Company is not aware of any employees who have been confirmed as infected with the COVID-19 virus, Triumph implemented safe work practices and visitor and work from home policies consistent with CDC guidance to reduce the risks of exposure to the virus while supporting our customers. The Company has business continuity plans at all sites to sustain operations.
In anticipation of ongoing market headwinds, the Company is implementing cost reduction actions to maintain financial health, align capacity with expected demand, and ensure our long-term competitiveness.
As a result of its program and operating company portfolio management and focus on operational execution over the last four years, Triumph has improved its liquidity with over USD 500 million in cash and availability.
Triumph Group, Inc. designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures.