Triumph Group, Inc.(NYSE: TGI) announced today that it is exploring strategic alternatives for its Aerospace Structures business unit as part of its continued portfolio reshaping, debt reduction and cash generation efforts. Building on divestitures, plant consolidations, and program restructuring over the last three years, this decision reflects Triumph's commitment to simplifying the company and enabling predictable and profitable growth in its core Systems, Aftermarket and Interiors segments. Triumph has engaged Citigroup Global Markets Inc. as financial advisor for the strategic alternatives review process.
"Aerospace Structures has made significant operational improvements over the last several years while updating its mix of programs and sites to reduce risk to both customers and Triumph shareholders," said Daniel J. Crowley, Triumph's president and chief executive officer. "These actions expand the option set for Aerospace Structures' future as their dedicated employees and suppliers continue to deliver on customer commitments and field new technologies and automation to enhance their competitiveness."
There can be no assurance that the strategic alternatives review process will result in one or more transactions or other strategic change or outcome. The company has not set a timetable for the conclusion of its review of strategic alternatives, and it does not intend to comment further unless and until the board has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate or required by law.
Triumph Aerospace Structures manufactures a variety of world-class aircraft composite and metallic structures and components for wing assemblies, fuselages, empennage and nacelles. Employing the latest technologies, automated equipment, expertise in structural analysis and design, and advanced thermoplastics and high-temperature materials, its people and products are well respected and heavily relied upon by both commercial and military OEMs.