Triumph Group Announces Agreement to Acquire Goodrich Pump & Engine Control Systems
Triumph Group, Inc. (NYSE:TGI) today announced the signing of a definitive agreement to acquire the pump and engine control systems business of Goodrich Corporation (Goodrich Pump & Engine Control Systems or GPECS) from United Technologies Corporation. The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the current fiscal quarter. The acquired business, which will operate as Triumph Engine Control Systems, LLC and be included in the Aerospace Systems Group, is expected to add approximately $195.0 million in annual revenue and to be immediately accretive to earnings.
GPECS is a leading independent aerospace fuel system supplier for the commercial, military, helicopter and business jet markets. Located in West Hartford, Connecticut, the company’s key product and service offerings include electronic engine controls, fuel metering units, main fuel pumps for both the OE and aftermarket/spares end markets. The company employs approximately 530 employees exclusively at its West Hartford facility.
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Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “The acquisition of GPECS will provide Triumph with proprietary capabilities in a market where we do not currently participate. In addition, the acquisition will enhance our ties to existing customers while also further diversifying our customer base due to GPECS’ strong alignment with all major engine OEMs and the U.S. Army. We are pleased that the management team, led by Alec Searle, will remain with Triumph to continue to deliver exceptional value to their global customers.”
Source : Triumph Group Inc.
Apr 8 - 9, 2014 - Washington, United States