BERWYN, Pa.--(BUSINESS WIRE)--Triumph Group, Inc. (NYSE:TGI) (“Triumph” or the “Company”) announced today that it has reached an agreement in principle with Gulfstream Aerospace that would optimize Triumph’s role in the supply chain of Gulfstream’s business jet wings, leading edges, stringers, skins, flaps, and composite components. The agreement includes a plan for reallocation of work between Triumph’s Tulsa, Oklahoma, and Nashville, Tennessee, facilities and Gulfstream’s Savannah, Georgia, operation based on where the work is best performed.
“In response to the strong demand for the G650, G500, and G600 platforms, Triumph is working with Gulfstream to complete the assembly of components now jointly produced at both our companies in fewer, but more focused locations where investments in automation and the co-location of the assembly line can support higher rates of production with increased quality levels,” said Dan Crowley, President and CEO of Triumph Group.
Specifically, the G650 wing box and wing completion work, which are now co-produced across three facilities at both companies, are planned for consolidation into Gulfstream’s structures center of excellence in Savannah. Triumph will maintain its role as the supply chain integrator on the program. In addition to G650 re-location, the parties are exploring opportunities for the supply of metal and composite structures on G500 and G600 programs to better leverage Triumph’s capabilities.
These strategic actions are expected to optimize efficiencies across all three Gulfstream programs. Triumph anticipates that these actions, once executed, will have a positive impact on the Company’s long-term financial performance.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aircraft structures, 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, including statements about future program efficiencies and long-term financial performance. 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. 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, 2017.