Triumph Group Announces Acquisition of General Donlee Canada Inc.
BERWYN, Pa.--(BUSINESS WIRE)--Triumph Group, Inc. (NYSE:TGI) today announced the completion of the previously announced acquisition of General Donlee Canada Inc. (GDI.TO), a leading manufacturer of flight critical complex machined components. Triumph acquired all of the issued and outstanding shares of General Donlee for CDN$5.50 per share in cash. The acquired business will operate as Triumph Gear Systems-Toronto and will be included in the Aerospace Systems Group. The business is expected to add approximately $60.0 million in annual revenue and to be immediately accretive to earnings.
Based in Toronto, Canada, General Donlee is a leading manufacturer of precision machined products for the aerospace, nuclear and oil and gas industries. With approximately 200 employees, the company’s primary product lines include engine shafts, thrust links, rotorcraft masts and landing gear applications. Key customers include GE Aviation and Bell Helicopter.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “We are pleased to have acquired Triumph Gear Systems-Toronto. We are excited about the growth opportunities at the company, which adds a strong position in engine and main rotor shafts to our product capabilities. Through this acquisition, we obtain proprietary manufacturing methods, technological know-how and an outstanding group of employees. We are also pleased that the management team will remain with Triumph to continue to deliver exceptional value to their customers.”
To obtain a copy of the report filed with the Canadian securities regulatory authorities relating to the acquisition, please contact Sheila G. Spagnolo, Vice President, at (610) 251-1000, 899 Cassatt Road, Suite 210, Berwyn, PA 19312 U.S.A.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties which could affect the company’s actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the company, including statements of expected revenues or accretion to earnings. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group’s reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.