Triumph’s composites business has approximately 600 employees and uses about 800K square feet of factory space to provide engine composite and structural fabrications and assemblies for defense, commercial and business jet platforms, Triumph Group said Monday.
The transaction includes Triumph Aerospace Structures’ composites facilities in Milledgeville, Ga., and Thailand and is expected to be completed in the second quarter of Triumph’s fiscal year 2021, subject to customary closing conditions. The composites business will continue operations at its existing facilities and keep its management, support and technical personnel.
Daniel Crowley, president and CEO of Triumph Group, said the divestiture is part of the company’s efforts to improve liquidity, reduce debt and focus on being a systems and aftermarket service provider.
Lazard served as Triumph’s exclusive financial adviser in the deal.