Log in to use our free company, program and sector update tracker feature.

Front page

Triumph Group announces completion of agreement with Spirit AeroSystems to assume production of Gulfstream G650 and G280 wing programs

Triumph Group, Inc. today announced the closing of the previously announced agreement with Spirit AeroSystems Holdings, Inc. to take over production of the Gulfstream G650 and G280 wing programs located in Tulsa, Oklahoma, effective December 30, 2014. The business will operate as Triumph Aerostructures-Vought Aircraft Division-Tulsa and will be included in the Aerostructures Group segment. Under the terms of the agreement, Triumph received $160 million in cash plus assets required to run the business from Spirit to cover the anticipated future cash flow needs of the programs, with no additional capital contributions expected by Triumph. The business is expected to add approximately $250 million in annual revenue and to be immediately accretive to earnings per share, reflecting initial estimates of purchase accounting adjustments and excluding synergies resulting from the transaction and transaction related expenses. Triumph will update its fiscal year 2015 guidance to reflect the financial impact of the work transfer when it releases its third quarter fiscal year 2015 earnings in January.

Jeffry D. Frisby, Triumph's President and Chief Executive Officer, said, “We are pleased to have completed the transfer of the Gulfstream wing programs from Spirit and are excited about what this transaction means to our business, our employees, our customers and our shareholders. The addition of these programs further establishes Triumph as a leader in fully integrated wing design, engineering and production and advances our standing as a strategic Tier One Capable aerostructures supplier. Moreover, these programs improve our customer balance and program and platform diversity within our Aerostructures segment. We are confident that we can execute these programs effectively and look forward to working with the outstanding group of employees in Tulsa to drive improvements and deliver long term value from these programs.”

Press release issued by Triumph Aerostructures - Vought Aircraft Division on January 5, 2015


 Contact details from our directory:
Triumph Aerostructures - Vought Aircraft Systems - Tulsa Wings
Triumph Aerostructures - Vought Aircraft Division Aircraft Structural Components, Empennages, Aircraft Doors, Nacelles, Wings, Helicopter Assemblies, Fuselage Sections, Wing Spoilers, Wing Flaps, Air Refuelling Systems, Wire Assemblies, Testing Services, Wing Spars, Fairings, Aircraft Flooring
Spirit AeroSystems, Inc. Wing Flaps, Empennages, Nacelles, Wings, Aircraft Control Surfaces, Aircraft Structural Components, Thrust Reversers, Engine Pylons, Fuselage Sections, Engine Inlets, Wing Spoilers, Fairings


 Related aircraft programs:
Gulfstream G650
Gulfstream G280


 Related directory sectors:
Airframe Assemblies

Enhanced listings:

Beckwood Press
Your single source for aerospace forming equipment. Manufacturer of Triform Sheet hydroforming presses.

United Performance Metals
A global distributor and processor of titanium products for over 40 years, and a leading supplier to the aerospace industry

Belden Universal
Specialty universal joints and drive shafts, designed to satisfy even the most rigorous operating criteria. Belden Universal is AS9100C certified.

Samuel, Son & Co.
Looking for a quality metals supplier? Samuel can provide Aircraft Quality metals that meet Commercial and Military specifications

Dexmet Corporation
Dexmet MicroGrid® an innovative product line that help improve the composite aircraft withstand the rigors of a lightning strike

See our advertising tariff.


Monthly page limit exceeded. Please buy a subscription.

© Copyright of Airframer Limited, operated under licence by Stansted News Limited 2016. Terms & Conditions of reading.