BERWYN, Pa., April 1, 2019 /PRNewswire/ -- Triumph Group (NYSE: TGI) announced today the completion of the previously announced sales of its Machining and Fabrication businesses to NWI Holdings and Arlington Capital Partners, respectively. The transaction for the Machining operations closed on March 8, 2019 and the Fabrication transaction closed on March 31, 2019. These transactions include nine factories with approximately 1,400 employees and follow similar divestitures of nine machine shops and metal processing facilities made during 2017-2018.
The completion of these transactions further reshapes Triumph's portfolio and marks another milestone in Triumph's multi-year transformation plan. After an active fourth fiscal quarter, which included the transfer of the Global 7500 Wing Program to Bombardier, the company begins a new fiscal year on April 1 as a leaner and more focused organization. Triumph will now focus its investments in its higher intellectual property systems and proprietary product offerings for both original equipment manufacturing (OEM) and aftermarket customers.
"Triumph is nearing the end of our transformation, having divested ten of its original 47 operating companies and completed six of eight factory consolidations as well as numerous program restructurings. Over the course of the last three years, we improved our leadership, reduced our footprint, simplified our organization and de-risked our portfolio by exiting non-core businesses and programs," said Dan Crowley, President and CEO of Triumph Group.
Mr. Crowley continued, "We are on track to reposition our company around our core Integrated Systems and Product Support segments. We are confident that our actions will allow us to achieve our goals of predictable profitability and positive free cash flow."
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.
More information about Triumph can be found on the company's website at www.triumphgroup.com.
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SOURCE Triumph Group