Triumph Group, Inc. announced a definitive agreement to sell its metallics machining operations to NWI Holdings, an affiliate of TECT Aerospace and TECT Power. TECT Aerospace manufactures complex aerostructure components, parts and assemblies from the full spectrum of traditional and aerospace alloys, and is headquartered in Wichita, Kansas. TECT Power, headquartered in Fort Mitchell, KY, is a leading provider of complex rotating and structural airfoil components for turbine engines used in commercial aerospace, business jet, defense and industrial markets.

"The sale of Triumph's machining businesses to NWI Holdings is another step forward in our strategic initiative to exit non-core build-to-print, contract manufacturing businesses to generate shareholder value. Triumph continues to transform its portfolio, reduce debt and position the business for reinvestment in new areas of opportunity," said Dan Crowley, President and CEO of Triumph Group. "Our machining businesses are an excellent fit with NWI Holdings and their TECT affiliates, and we are confident they will effectively drive synergies between the two companies."

The metallics machining operations included in the agreement are Triumph Structures – Kansas City, Inc., Triumph Structures – Wichita, Inc., Triumph Gear Systems – Toronto, ULC and Triumph Northwest (The Triumph Group Operations, Inc.) in Oregon. The businesses provide vertically integrated assemblies, high velocity machining of monolithic components and machining of hard metal components used to manufacturer a wide variety of aerostructures. Capabilities include monolithic large parts, specialty links and tubes, as well as refractory metal forging and machining. Combined, the businesses generated revenues of approximately $121 million during Triumph Group's fiscal year ended March 31, 2018.

The transaction is subject to customary conditions and is expected to close in the next few months.