Triumph Group [NYSE:TGI] announced today that it has completed the sale of its Nashville based structures assembly operations to TECT Aerospace, as it continues to execute on its multi-year transformation plan to reshape its portfolio.
"In 2019, we made great progress in reshaping our portfolio, reducing costs so that we can invest in our core businesses, and pursuing new growth opportunities," said Dan Crowley, Triumph Group's President and CEO. "The sale of the Nashville structures assembly business, as well as the other five transitions we successfully completed this past year, allows us to focus on our integrated systems, product support, interiors and complex structures businesses. We remain on track with our transformation and look forward to delivering cash positive results at the end of our current fiscal year and demonstrating follow-through thereafter."
The Nashville based operations offer build-to-print, higher-level assembly capability including structural aircraft subassembly, as well as long and large part machining, processing, forming, and painting. The site employs approximately 300 people who support wing skin assembly and machining of stringers and spars. The two million square foot site has served the aviation, defense and transportation industries for 80 years under a variety of owners.
"I want to extend my appreciation to the team at the Nashville site for their hard work and contributions over the last nine years, as part of the Triumph Group," Crowley continued, "I am confident that the positive relationship we have formed with TECT will extend to the Nashville team and their customers."
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 http://www.triumphgroup.com.