Triumph Group, Inc. (NYSE: TGI) (“Triumph” or the “Company”) today announced that it intends to combine Aerospace Structures and Precision Components into one business unit, “Aerospace Structures,” effective January 1, 2018. Pete Wick, current Executive Vice President of Precision Components, will become Executive Vice President of the new combined Aerospace Structures business unit.
“Aerospace Structures and Precision Components have each made significant strides in their operational turnarounds and now have solid foundations for growth. This is the right time to combine their operations so that we can accelerate their turnaround to deliver value for our shareholders and customers,” stated Daniel J. Crowley, Triumph’s president and chief executive officer. “Since launching our transformation efforts, the businesses have stabilized, performance is improving, and backlog is growing. The business units’ abilities to achieve key performance objectives are closely linked – they share many of the same customers and suppliers, and have substantial inter-company work on common programs. As a single business unit, we are confident that we will leverage their combined resources to make them more cost competitive and enhance performance.”
Beginning with the fourth quarter of fiscal 2018, Triumph will report its financial results under the three market-focused business unit structure – Integrated Systems, Product Support and Aerospace Structures.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aircraft structures, components, accessories, and systems. The Company serves a broad spectrum of the global 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.
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, including statements of expectations of future performance and cost competitiveness. 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. 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, 2017.