Triumph Group, Inc. (NYSE:TGI) has announced that it has reached agreements for divestiture of three businesses in alignment with the company´s transformation strategy to reshape its portfolio to focus on businesses that best fit the strategic direction of the company, the company said.
The businesses generated revenues of approximately USD 165 million in Triumph Group´s fiscal year ended March 31, 2018.
On May 11, 2018 Triumph Group signed a definitive agreement to sell Triumph Aerospace Structures Long and Large (L&L) machining and metal finishing operations to Aerospace Systems and Structures LLC, a California specialty aerospace investment firm, and Valence Surface Technologies LLC, a aerospace product finishing company, backed by Trive Capital, a USD 2 billion private equity firm with experience in the aerospace industry.
The sale of L&L consists of Triumph Structures — Los Angeles, Inc. (TSLA) and Triumph Processing, Inc. (TPI), together employing approximately 400 people in the Los Angeles area. TSLA consists of four locations and specializes in manufacturing and assembly of large structural components including stringers, spars, chords, landing gear assemblies, and beams up to 180 feet in length. TPI, located in Lynwood, CA, is an aerospace specialty processing business offering non-destructive testing, chemical processing, and paint services to the global aerospace industry, differentiated by its state of the art facilities and large part processing line with tanks over 100 feet in length. The transaction is subject to customary closing conditions.
Seale & Associates acted as exclusive financial advisor to Triumph on the L&L and RPL transactions. Stradley Ronon Stevens & Young, LLP served as Triumph´s legal advisor on the L&L and Structures — Long Island transactions, while Ballard Spahr LLP served as the legal advisor for the RPL transaction.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aircraft structures, 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 http://www.triumphgroup.com.