Triumph Group Announces Acquisition of Goodrich Pump & Engine Control Systems
BERWYN, Pa.--(BUSINESS WIRE)-- Triumph Group, Inc. (NYSE:TGI) today announced the completion of the previously announced acquisition of the pump and engine control systems business of Goodrich Corporation (GR) (Goodrich Pump & Engine Control Systems or GPECS) from United Technologies Corporation. The acquired business will continue to be led by Alec Searle and will operate as Triumph Engine Control Systems, LLC and be included in the Aerospace Systems Group. The business is expected to add approximately $195.0 million in annual revenue and to be immediately accretive to earnings in fiscal year 2014.
Based in West Hartford, Connecticut, GPECS is a leading independent aerospace fuel system supplier for the commercial, military, helicopter and business jet markets. Employing approximately 530 employees, the companys key products and services include electronic engine controls, fuel metering units and main fuel pumps for both the OE and aftermarket/spares end markets.
Jeffry D. Frisby, Triumphs President and Chief Executive Officer, said, We are pleased to have acquired Triumph Engine Control Systems. We are excited about the potential for growth at the company, which provides new capabilities in a market where we do not currently participate and further diversifies our customer base. Through this acquisition, we obtain a world-class facility, proprietary capabilities and an outstanding group of employees. We are also 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.
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. 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, including statements of expected revenues or accretion to earnings. 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