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Triumph Group completes acquisition of Vought Aircraft Industries, Inc.

Triumph Group, Inc. (NYSE:TGI) today announced the completion of the acquisition of Vought Aircraft Industries, Inc. from The Carlyle Group, creating a company with industry-leading breadth of product and capabilities. The acquired business will continue to be led by Elmer L. Doty and will operate as Triumph Aerostructures-Vought Commercial Division and Triumph Aerostructures-Vought Integrated Programs Division. For fiscal year 2011, earnings accretion is expected to be approximately $1.10 per diluted share, which reflects initial estimates of purchase accounting adjustments and excludes transaction and integration expenses and expected synergies resulting from the acquisition. The company expects to generate annual recurring synergies of approximately $12 to $15 million within the first twelve to eighteen months. The company will update its fiscal year 2011 guidance for the inclusion of Vought when it releases its first quarter fiscal year 2011 earnings in July.

Based in Dallas, Texas, Vought is a leading global manufacturer of aerostructures for commercial, military and business jet aircraft. Products include fuselages, wings, empennages, nacelles and helicopter cabins. Vought's customer base is comprised of the leading global aerospace original equipment manufacturers and over 80% of their revenue is from sole source, long-term contracts. Major platforms include the Boeing 747-8, Boeing 767, Boeing 777, Airbus A330/340, Boeing C-17, Boeing V-22, Northrop Grumman Global Hawk and Gulfstream G450 and G550.

Richard C. Ill, Triumph's Chairman and Chief Executive Officer, said, "We are pleased to have acquired Vought and are excited about what the acquisition means to our business, our employees, our customers and our shareholders. Through this acquisition, we obtain world-class facilities, advanced technical capabilities and an outstanding group of employees. The integration of Vought with Triumph creates a leading 'Tier One Capable' supplier with the scale and resources necessary to confidently meet the changing needs of the aerospace industry."

In connection with the acquisition of Vought, Triumph refinanced its revolving credit facility, entered into a $350 million term loan credit agreement and issued $350 million of 8.625% Senior Notes due 2018.

Triumph also announced today that it has expanded the size of its board of directors to nine from six and appointed Elmer L. Doty, Ralph E. Eberhart and Adam J. Palmer to its board of directors, effective today upon the closing of the Vought acquisition.

The above matters will be described more fully in public filings to be made by Triumph with the Securities & Exchange Commission, which filings will be made available on Triumph's website at www.triumphgroup.com under the tab "Investor Relations" and then under the heading "SEC Filings."

Press release issued by Triumph Group, Inc. on June 16, 2010


 Contact details from our directory:
Triumph Group, Inc. Aircraft Structural Components, Metal Matrix Composite Structures
Triumph Aerospace Structures - Technology and Engineering Center - Arlington 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


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Structural Components
Airframe Assemblies

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