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Triumph Group, Inc. (NYSE: TGI), headquartered in Radnor, Pennsylvania, is a global leader in manufacturing and overhauling aerospace structures, systems, and components. With operations spanning 70 locations worldwide, Triumph designs, engineers, manufactures, repairs, and overhauls a wide range of aerostructures, aircraft components, accessories, subassemblies, and systems. The company's extensive operations are organized into three primary groups: Aerostructures, Aerospace Systems, and Aftermarket Services.
Triumph serves a broad spectrum of the aviation industry, including original equipment manufacturers (OEMs) of commercial, business, and military aircraft and aircraft components, as well as commercial airlines and air cargo carriers. The company’s involvement in the aerospace supply chain ranges from single components to complex aerostructures and systems, touching virtually all major players and aviation platforms.
In recent developments, Triumph has been focusing on improving its financial condition and strategic positioning. The company successfully completed the sale of its Product Support business to AAR CORP. for $725 million, using the proceeds primarily for debt reduction. This divestiture is part of Triumph's strategy to streamline its operations and focus on its core competencies in aerospace and defense systems and components.
Triumph's Geared Solutions business recently secured a long-term agreement from MD Helicopters to manufacture and assemble main rotor gearbox transmissions for the MD500 platforms. This contract extension reflects Triumph’s enduring partnerships and its role in supporting both commercial and military aviation sectors.
The company continues to innovate and expand its product offerings, with over 60% of its products and services now based on Triumph intellectual property. This strategic shift positions Triumph for growth in the expanding markets it serves, supported by a strong backlog and a focus on capturing new business opportunities.
For the fiscal year ending March 31, 2024, Triumph reported positive financial results, achieving its strongest margins of the year and generating positive free cash flow. The company has also updated its financial guidance for fiscal 2024, reflecting the impacts of the recent divestiture and improved operational efficiencies.
Triumph Group (NYSE:TGI) announced that its subsidiary, Triumph Aviation Services-Asia Ltd. (TASA), secured a contract with a Turkish airline for wheel maintenance and repair services for 25 Boeing aircraft. TASA will implement a fixed price or 'Power-by-Event' model for these services. Jim Berberet, President of Triumph Product Support, emphasized TASA's competitive pricing, quick turnaround, and comprehensive logistics from Thailand, catering to clients in Europe and the Middle East. Triumph has established a sales office in Dubai to tap into the growing MRO market in these regions.
Triumph Group (TGI) has extended its contract with Airbus Industries for Triumph Aviation Services Asia (TASA) to provide repair station services for over 40,000 proprietary parts. This partnership allows TASA to continue offering essential services for aircraft components while enhancing its operational capabilities. The agreement includes continuous improvement workstreams and leverages recent upgrades at TASA's facility in Thailand. TASA's services include repairs, machining, and overhauls, supporting the aviation industry's recovery amidst the ongoing pandemic.
Triumph Group has secured a contract from Diehl Aviation for mechanical controls on the Airbus A321XLR. This indefinite delivery/indefinite quantity award includes components for the waste-water tank. Triumph has a history of successful deliveries to Diehl Aviation, reflecting its competitive capabilities in the civil aviation sector. The partnership highlights Triumph's strong technical expertise and collaborative approach. Production is set to begin in 2023 at Triumph's German facilities, which are strategically located near Diehl Aviation in Dresden.
Triumph Group (NYSE: TGI) announced on August 17, 2020, the successful completion of a refinancing strategy involving $700 million in senior secured notes due 2024. The company raised $688.5 million net, using $335.6 million to retire existing loans and related amounts. Additionally, the receivables securitization facility was amended, reducing its size from $75 million to $50 million and eliminating certain financial ratio covenants. While this restructuring aims to enhance flexibility, market risks, including the impact of COVID-19, remain a concern for future performance.
Triumph Group, Inc. (NYSE: TGI) announced the pricing of its $700 million senior secured first lien notes due 2024 at a rate of 8.875%. The offering, expected to close on August 17, 2020, aims to repay existing loans, enhance available cash, and cover associated fees. The notes are guaranteed by its subsidiaries and secured by the company's assets. This move follows Triumph's efforts to strengthen its balance sheet amid ongoing economic uncertainties, including impacts from COVID-19.
Triumph Group, Inc. (NYSE: TGI) announced a proposed offering of $600 million in senior secured first lien notes due 2024. The notes will be guaranteed by subsidiaries securing other debt obligations. Proceeds will be utilized to repay outstanding loans, terminate its revolving credit facility, cash collateralize letters of credit, and cover accrued interest and fees. The offering will be limited to qualified institutional buyers and non-U.S. persons, without registration under the Securities Act.
Triumph Group (TGI) reported a challenging first quarter for fiscal year 2021, ending June 30, 2020, with net sales of $495.1 million, a 29% organic decline year-over-year. The company faced an operating loss of $252.4 million due to an impairment charge of the same amount, leading to a net loss of $277.3 million, or ($5.35) per share. Adjusted figures showed a net loss of $9.5 million, or ($0.19) per share. Full-year sales guidance is projected between $1.8 billion and $1.9 billion. Triumph continues to focus on cash conservation and operational efficiency amid the ongoing impacts of COVID-19.
Triumph Group, Inc. (NYSE: TGI) announced a definitive agreement to sell its G650 program operations, including supply chain management and engineering services, to Gulfstream Aerospace. This sale follows the transfer of the G650 wing assembly line to Gulfstream in 2019. The transaction is part of Triumph's strategy to exit non-core manufacturing and focus on defense programs and aftermarket services. Financial terms of the sale were not disclosed, but it is subject to customary closing conditions and is expected to finalize soon.
Triumph Group, Inc. (NYSE:TGI) has entered a definitive agreement to sell its composites operations to Arlington Capital Partners. This includes locations in Milledgeville, Georgia, and Rayong, Thailand. The move supports Triumph's strategic review to enhance liquidity and reduce debt, aiming to position the company as a leading provider of aerospace systems and services. The business spans 800,000 square feet and employs approximately 600 people, serving key programs for major clients like Boeing and Airbus. The transaction is expected to close in FY21's second quarter.
Triumph Group [NYSE:TGI] announced a new partnership with Global Aerospace Logistics (GAL) on July 30, 2020. The agreement focuses on providing maintenance, repair, and overhaul (MRO) services for over 200 aircraft components, including valves, pumps, and actuators, for military aircraft serviced by GAL in the Middle East. Triumph aims to enhance operational support through its extensive network of 12 repair stations. This collaboration reflects Triumph's commitment to delivering high-quality MRO solutions to the aerospace and defense sectors.
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