Long-Term Agreements for JSF Components
Triumph Group, Inc. (NYSE:TGI) was selected by Lockheed Martin to supply key engine and structures components for the F-35 Lightning II aircraft. Since the start of the year, Triumph’s Precision Components (TPC) business unit has received multiple contracts from the aircraft manufacturer.
Under the contracts, Triumph will provide engine mounts, bulkheads, longerons and wing ribs for the F-35 through 2021. The new contracts mark the growing relationship between TPC and Lockheed Martin. Strong performance in 2015 on similar statements of work led to the consideration of TPC for the long-term agreements. Work Triumph provided demonstrated the company’s array of machining solutions and higher-level assembly capability.
Global Military Aircraft Actuation Systems Market 2016-2020
“Our ability to move quickly and satisfy delivery requirements enabled us to showcase one of Triumph’s great strengths: delivering flexible, innovative solutions for our customers,” said Rick Rosenjack, executive vice president for Triumph Precision Components. “The F-35 program has afforded us the opportunity to demonstrate that Triumph can compete on higher-level subassemblies.”
Triumph currently provides a number of structural components and systems the on F-35 as well, such as hydraulic valves, the drag chute actuator (for Norwegian F-35s), and the holdback bar for the F-35C.
The new contracts will contribute to organic growth for the company. Delivering on customer commitments, becoming predictably profitable, and driving organic growth are fundamental to the company’s long-term strategy.
Source : Triumph Group, Inc. - view original press release