Triumph Group, Inc. (NYSE:TGI) today announced the acquisition of
Saygrove Defence & Aerospace Group, Ltd., a provider of motion control
and actuation products to the aerospace and defense industries. The
acquired business, which will operate as Triumph Actuation & Motion
Control Systems-UK, Ltd. and be part of Triumph Aerospace Systems Group,
is expected to add approximately $11 million of revenue for fiscal year
2010 and will be immediately accretive to earnings.
Saygrove, which is located in Buckley, U.K., designs and builds
proprietary advanced control products for flight actuation and motor
control applications in all-electric aircraft and Unmanned Aerial
Vehicles ("UAVs”). Their range of products includes all-electric
solutions, fully integrated electro-mechanical systems, multi-channel
electronic controllers, motor/gearbox combinations, and a range of
sensors.
Richard C. Ill, Triumph’s President and Chief Executive Officer, said,
"We view this acquisition as a unique opportunity to expand our
capabilities because it represents the next generation of electronic
controls for actuation and motor control. We believe that Saygrove’s
products and technologies allow for significant advancements in the type
of work that we can pursue and positions us well for future growth. We
are pleased that the management team, led by Steve Ward and Gary Parkes,
will remain with Triumph.”
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls aircraft components and
accessories. 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 Internet 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 of
expected revenue and accretion. 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’s reports filed with the SEC, including our Annual Report on
Form 10-K for the year ended March 31, 2008.