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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) has secured a five-year extension of its maintenance, repair, and overhaul agreement for the C and D variants of the F/A-18 Hornet Airframe Mounted Accessory Drive gearboxes (AMAD) with NAVSUP. This work will be conducted at Triumph's gearbox center of excellence in Park City, Utah, enhancing operational reliability. Triumph Geared Solutions is recognized as a major supplier to the U.S. Navy.
Triumph is a leading designer and manufacturer of complex aerospace gear solutions, poised to support military applications into the future.
Triumph Group and Moog Inc. have signed a four-year agreement to provide maintenance, repair, and overhaul (MRO) services for Boeing 787 landing gear and cargo door actuation systems. This collaboration will leverage Triumph's position as the OEM manufacturer, with services taking place at Triumph's facilities in Yakima, Washington, and Clemmons, North Carolina. The partnership aims to enhance life cycle support for 787 operators and is expected to be a precursor to further collaborations.
Triumph Group's Systems, Electronics and Controls division in West Hartford, Connecticut, has secured a contract from the Defense Logistics Agency to supply Enhanced Digital Electronic Control Units (EDECUs) for the U.S. Army's UH-60 Black Hawk and AH-64 Apache fleets. This five-year contract involves upgrading approximately 3,100 EDECUs, with over 2,000 units to be delivered in 2022. Triumph has provided over 7,000 EDECUs since 2013 for various military aircraft. The latest EDECU upgrade aims to enhance safety and reliability for military helicopter operations.
Triumph Group, Inc. (TGI) has secured a contract with Boeing to supply hundreds of wire control cable variations for the 737 MAX, 767, 777, and 777X programs. This contract includes manufacturing and life cycle support for these components, which will be executed at Triumph's Shelbyville, Indiana facility. Triumph has a longstanding relationship with Boeing, providing wire control cables since 2003 and now aims to enhance value over the contract's duration.
Triumph Group (TGI) has extended its licensing agreement with RUAG for five years to provide sustainment support for the F/A-18 A-D Aircraft Mounted Accessory Drive (AMAD). This collaboration enables Triumph to utilize RUAG's facility in Switzerland for testing, repair, and overhaul of the AMAD for international military operators. Since 2001, Triumph and RUAG have ensured readiness for the F/A-18 A-D variants and are exploring future partnerships for next-generation applications. The agreement aims to maintain non-US military AMADs, enhancing worldwide operational readiness.
Triumph Group (NYSE: TGI) plans to release its first quarter fiscal year 2023 earnings on August 3, 2022, followed by a conference call at 8:30 AM ET. The event will include a live webcast and will be accessible via the company's website. A replay will be available two hours after the call and can be accessed for up to 90 days. Triumph, based in Berwyn, Pennsylvania, specializes in aerospace and defense systems, serving both military and commercial sectors.
Triumph Group, Inc. (NYSE:TGI) announced the successful sale of its Aerostructures business in Stuart, Florida, to Daher Aerospace, effective July 1, 2022. This marks the sixteenth divestiture since its transformation began in 2016, aligning with Triumph's strategic goals. The sale allows Triumph to focus on being a pure-play provider of actuation, engine controls, and other aerospace services. The transaction relieved Triumph of customer advance obligations totaling approximately $104 million, enhancing its financial position.
Triumph Group (TGI) announced a contract with Mammoth Freighters to supply composite air distribution ducts for Boeing 777 Passenger to Freighter (P2F) conversions. This contract includes manufacturing and engineering support for the redesigned air distribution ducting system in the cargo compartment. Triumph's Interiors division is positioned to benefit from the rising trend in P2F conversions, supporting Mammoth’s business model through 2026 and beyond. With its leadership in integrated design and manufacturing for aerospace, Triumph aims to deliver valuable solutions to air freight operators.
Triumph Group (TGI) has secured a two-year contract for wheel and brake maintenance from STARLUX Airlines, focusing on their A350 XWB fleet. This new award marks the third collaboration with STARLUX, following similar contracts for A321neo and A330neo jets. The maintenance work will be conducted at Triumph's facility in Chonburi, Thailand. STARLUX Airlines, which commenced operations in 2018, plans to expand its fleet with A350 XWB deliveries starting in Q4 2022 to enhance its North American network.
On May 24, 2022, Sanad and Triumph Group (TGI) signed a memorandum of understanding to collaborate on next-generation engine Maintenance, Repair, and Overhaul (MRO) capabilities in the UAE. This strategic partnership aims to provide critical MRO solutions for aerospace operators in the MEA region. The establishment of a dedicated "Center of Excellence" in Abu Dhabi will enhance service offerings and expand Triumph's footprint in the Middle East. The collaboration will involve MRO solutions for engine types like V2500, CFM, and GE90.
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