Triumph Group Announces Agreement to Acquire Goodrich Pump & Engine Control Systems
BERWYN, Pa.--(BUSINESS WIRE)-- Triumph Group, Inc. (NYSE:TGI) today announced the signing of a definitive agreement to acquire the pump and engine control systems business of Goodrich Corporation (GR) (Goodrich Pump & Engine Control Systems or GPECS) from United Technologies Corporation. The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the current fiscal quarter. The acquired business, which will operate as Triumph Engine Control Systems, LLC and be included in the Aerospace Systems Group, is expected to add approximately $195.0 million in annual revenue and to be immediately accretive to earnings.
GPECS is a leading independent aerospace fuel system supplier for the commercial, military, helicopter and business jet markets. Located in West Hartford, Connecticut, the companys key product and service offerings include electronic engine controls, fuel metering units, main fuel pumps for both the OE and aftermarket/spares end markets. The company employs approximately 530 employees exclusively at its West Hartford facility.
Jeffry D. Frisby, Triumphs President and Chief Executive Officer, said, The acquisition of GPECS will provide Triumph with proprietary capabilities in a market where we do not currently participate. In addition, the acquisition will enhance our ties to existing customers while also further diversifying our customer base due to GPECS strong alignment with all major engine OEMs and the U.S. Army. We are pleased that the management team, led by Alec Searle, will remain with Triumph to continue to deliver exceptional value to their global customers.
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.
RBC Capital Markets acted as exclusive financial advisor and Ballard Spahr LLP served as legal counsel to Triumph on the transaction.
More information about Triumph can be found on the companys website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expected annual revenue and impact on earnings. All forward-looking statements involve risks and uncertainties which could affect the companys actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Groups reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2012.
Triumph Group, Inc.
Source: Triumph Group, Inc.Copyright Business Wire 2013