NYSE:TGI) announced the signing of a definitive agreement to acquire the pump and engine control systems business of Goodrich Corporation (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 company’s 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, Triumph’s 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.”
About Triumph Group – TGI
Triumph Group, Inc. (TGI), headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. TGI 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.
TGI designs, engineers, manufactures, repairs, overhauls and distributes a portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The Company offers a range of products and services to the aerospace industry through three groups of operating segments: Triumph Aerostructures Group, whose companies’ revenues are derived from the design, manufacture, assembly and integration of metallic and composite aerostructures and structural components for the global aerospace OEM, market; Triumph Aerospace Systems Group, and Triumph Aftermarket Services Group, whose companies serve aircraft fleets. In December 2012, the Company acquired Embee Incorporated.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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