Triumph Group, Inc. (NYSE:TGI) announced today that it has completed the previously announced sale of it APU Repair Product Line (RPL) of Triumph Aviation Services Asia, Ltd. (TASA).
On May 3, 2018, Triumph Group signed a definitive agreement to sell 100 percent of the assets of APU Repair Product Line of Triumph Aviation Services Asia, Ltd. to TurbineAero, Inc. (TurbineAero). RPL is based in Chonburi, Thailand and provides repair services for APU component parts.
TurbineAero, a portfolio company of The Gores Group, is the world’s leading independent aerospace component maintenance, repair, and overhaul service providers focused on APUs and related products. The businesses provide military, commercial, and regional airline customers with a comprehensive maintenance solution for their legacy and new APU engine models.
“With the announcement of this transaction, Triumph continues to execute on its transformation plan, divesting non-core businesses to enable debt reduction and reinvestment in new areas of opportunity,” said Triumph Group President and CEO, Dan Crowley. “I am confident that TurbineAero will be responsible stewards for the businesses and accelerate performance as more focused operations.”
Rob Wilson, CEO of TurbineAero, said, “The acquisition of Triumph’s RPL division represents a critical strategic addition to TurbineAero’s APU MRO business, further expanding our repair capabilities and global reach. We look forward to having the deeply experienced RPL team in Thailand join us and together adding significant value for our customers worldwide.”