Triumph Group assumes production of Gulfstream G650, G280 wing programs.
M2 EQUITYBITES-January 7, 2015-Triumph Group assumes production of Gulfstream G650, G280 wing programs
(C)2015 M2 COMMUNICATIONS http://www.m2.com
Triumph Group, Inc. (NYSE: TGI) said it has announced the closing of its agreement with Spirit AeroSystems Holdings, Inc. (NYSE: SPR) to take over production of the Gulfstream G650 and G280 wing programs located in Tulsa, Oklahoma, effective December 30, 2014.
The business will operate as Triumph Aerostructures-Vought Aircraft Division-Tulsa and will be included in the Aerostructures Group segment. Under the terms of the agreement, Triumph received USD160 million in cash plus assets required to run the business from Spirit to cover the anticipated future cash flow needs of the programs, with no additional capital contributions expected by Triumph.
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. More information is at www.triumphgroup.com.
((Comments on this story may be sent to email@example.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 7, 2015|
|Previous Article:||Air Canada December load factor reaches 82.6%.|
|Next Article:||Exelis partners with TrafficLand on weather information via Helios digital platform.|