Triumph Group Announces Acquisition
Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of Primus Composites from Precision Castparts Corp. The acquired business, which consists of two manufacturing facilities in Farnborough, England and Rayong, Thailand, will operate as Triumph Structures-Farnborough and Triumph Structures-Thailand and be included in the Aerostructures Group. The business is expected to add approximately $55.0 million in annual revenue and to be immediately accretive to earnings.
Employing approximately 650 employees, Primus Composites is a global supplier of composite and metallic propulsion and structural composite components and assemblies. In addition to its composite operations, the Thailand operation also machines and processes metal components. Key customers include Airbus, Rolls Royce, Aircelle and Bombardier.
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Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “The acquisition of Primus Composites increases our global presence, expands our structural composite capabilities and enhances our customer relationships. We are pleased that the management team of Doug Fletcher, Paul Jerram and Alex Beysen will remain with Triumph and view the acquisition as an excellent strategic fit within our Aerostructures Group.”
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.
Source : Triumph Group Inc.