Triumph Group Inc (NYSE:TGI) disclosed Thursday that it is exploring strategic alternatives for its Aerospace Structures unit.
Triumph, operating out of Berwyn, Pa., says it’s a decision that reflects Triumph's commitment to simplifying the company and enabling predictable and profitable growth in its core Systems, Aftermarket and Interiors segments. Triumph has engaged Citigroup Global Markets Inc. as financial advisor for the strategic alternatives review process.
"Aerospace Structures has made significant operational improvements over the last several years while updating its mix of programs and sites to reduce risk to both customers and Triumph shareholders," said CEO Daniel J. Crowley
"These actions expand the option set for Aerospace Structures' future as their dedicated employees and suppliers continue to deliver on customer commitments and field new technologies and automation to enhance their competitiveness."
Triumph Aerospace Structures manufactures a variety of world-class aircraft composite and metallic structures and components for wing assemblies, fuselages, empennage and nacelles.
Employing the latest technologies, automated equipment, expertise in structural analysis and design, and advanced thermoplastics and high-temperature materials, its people and products are well respected and heavily relied upon by both commercial and military OEMs.
The company 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.
Shares soared $3.81, or 17.8%, to $25.18
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