Triumph Group, Inc. (NYSE:TGI) today announced the completion of the previously announced acquisition of the hydraulic actuation business of GE Aviation. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems- UK & IOM. The business is expected to add approximately $180 million in annual revenue and to be immediately accretive to earnings. The purchase price was approximately $70 million.
Employing approximately 475 employees, the business is a technology leader in actuation systems and does extensive business with Boeing, Airbus and other major airframers. Key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steering, hydraulic fuses, manifolds, flight control actuation and locking mechanisms for the commercial, military and business jet markets.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “We are pleased to have acquired Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM. Through this acquisition, we obtain additional proprietary systems that augment our existing hydraulic system capabilities and an outstanding group of employees. In addition, this acquisition furthers our strategic goal of increasing our global footprint, optimizing our segment and customer balance, and positioning ourselves for future growth. We are also pleased that the existing management team will remain with Triumph.”
Source: Triumph Group, Inc.
Date: Jun 30, 2014