BERWYN, Pa.--(BUSINESS WIRE)--Triumph Group, Inc. (NYSE:TGI) announced today that it has completed the previously announced sale of it APU Repair Product Line (RPL) of Triumph Aviation Services Asia, Ltd. (TASA).
On May 3, 2018, Triumph Group signed a definitive agreement to sell 100 percent of the assets of APU Repair Product Line of Triumph Aviation Services Asia, Ltd. to TurbineAero, Inc. (TurbineAero). RPL is based in Chonburi, Thailand and provides repair services for APU component parts.
TurbineAero, a portfolio company of The Gores Group, is the world’s leading independent aerospace component maintenance, repair, and overhaul service providers focused on APUs and related products. The businesses provide military, commercial, and regional airline customers with a comprehensive maintenance solution for their legacy and new APU engine models.
“With the announcement of this transaction, Triumph continues to execute on its transformation plan, divesting non-core businesses to enable debt reduction and reinvestment in new areas of opportunity,” said Triumph Group President and CEO, Dan Crowley. “I am confident that TurbineAero will be responsible stewards for the businesses and accelerate performance as more focused operations.”
Rob Wilson, CEO of TurbineAero, said, “The acquisition of Triumph’s RPL division represents a critical strategic addition to TurbineAero’s APU MRO business, further expanding our repair capabilities and global reach. We look forward to having the deeply experienced RPL team in Thailand join us and together adding significant value for our customers worldwide.”
About Triumph Group
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
About TurbineAero, Inc.
TurbineAero is the leading APU MRO service provider of comprehensive, flexible and reliable solutions to the global aerospace community. As the largest independent APU MRO globally, TurbineAero repairs, sells, leases, tests, and certifies APU and related parts accessories. TurbineAero currently has four locations, three business units are located near Phoenix, AZ and the fourth is just outside of Bangkok, Thailand. For more information, please visit www.turbineaero.com
About The Gores Group
The Gores Group, founded in 1987 by Alec Gores, is a global investment firm focused on partnering with differentiated businesses that can benefit from its extensive industry knowledge, decades long experience and flexible capital base. Over its 30 year history, the firm has developed a deep understanding of and appreciation for building businesses and creating value alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Greenwich, CT and Boulder, CO. For more information, please visit www.gores.com.