Triumph Group announced that it has entered into a definitive agreement to sell its Stuart, Florida Aerostructures business to Daher Aerospace. The sale includes the Stuart, Florida business and the transfer of Stuart employees.

"Upon closing of the sale of the Stuart operation, Triumph will have exited its structures business and is moving forward as a leading, pure-play provider of systems and aftermarket services," said Daniel Crowley, Triumph's Chairman, President and Chief Executive Officer. "We are excited to partner with Daher who will benefit from the Stuart site's experienced workforce, significant capabilities, and strong customer relationships."

The Stuart operation specialises in the assembly of large, complex metallic structures such as wing and fuselage assemblies, and has approximately 400 employees. Since 2016, Triumph divested 16 non-core businesses, including the Stuart business addressed in the announcement, as part of its transformation efforts to enhance shareholder value and position the company for long-term success.

This transaction is subject to customary closing conditions and is expected to close in the first half of the calendar year. Lazard acted as exclusive financial advisor to Triumph on the transaction.