Apr 03, 2019, 16:30 ET
BERWYN, Pa., April 3, 2019 /PRNewswire/ -- Triumph Group, Inc. (NYSE: TGI) announced today that its Aerospace Structures business unit executed an agreement with its customer, Israel Aerospace Industries, Ltd. (IAI) for the transition of the manufacture of wings for the G280 aircraft.
The two parties cooperatively developed detailed transition plans to enable a seamless transition of work. Triumph's contract with IAI will terminate upon completion of the transition of work. Transition activities will commence immediately. Triumph Aerospace Structures has delivered 105 G280 wings since taking over the wing program from Spirit AeroSystems in 2015.
"The transition of the G280 program will complete the contract restructuring efforts we began in 2016," said Pete Wick, executive vice president of TAS. "This move marks another major milestone in the reshaping of the Aerospace Structures portfolio to allow us to focus on growth in our complex commercial and military structures and interiors businesses."
Dan Crowley, president and CEO of Triumph Group, added, "The agreement with IAI is another step in our Path to Value strategy as we ensure work is performed at the optimal location, while improving Triumph's free cash flow."
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.
SOURCE Triumph Group
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