13 January 2003
13 January 2003
Triumph Group has completed the purchase of the assets of The Boeing Company's Spokane Fabrication Operation, located in Spokane, Washington.
The acquired business, Triumph Composite Systems, Inc., is projected to add approximately $60 million of revenue for fiscal 2004 and be accretive to earnings. About 335 employees at the Spokane plant will now work for Triumph Composite Systems. Built in 1990, the Spokane facility is dedicated to the production of aircraft parts made of composite and thermoplastic materials. Primary products include floor panels, air control system ducts and non-structural composite flight deck components.
As part of the transaction, Triumph and Boeing have entered into an eight-year single source supply agreement for the products currently produced by the Spokane facility.
Richard C. Ill, President and Chief Executive Officer of Triumph Group, Inc. said, ""We are pleased to have acquired Triumph Composite Systems from The Boeing Company. We are excited about the potential for growth at the company, which adds new capabilities in the area of composites and plastics that Triumph can offer to its global customers. Through the acquisition we acquire a world-class facility, tremendous product capabilities and an outstanding group of employees. We sincerely appreciate the efforts made by all parties, including Spokane's employees, the International Association of Machinists and the Society of Professional Engineering Employees in Aerospace to enable us to complete this transaction.""
While part of Boeing, the Spokane facility was managed by Mary Lou Thomas, who will continue in that capacity as part of the Triumph management team. According to Ms. Thomas, ""Triumph represents a new beginning for our employees, one that has exciting growth opportunities for our business. We are excited about joining Triumph and look forward to helping Triumph achieve its objectives as we move forward together.""
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