Triumph And Boeing Restructure And Extend Systems Contracts
Triumph Group (NYSE: TGI) announced contract extensions with Boeing Commercial Airplanes, securing its position as a top-tier supplier for hydraulic components across multiple Boeing programs. The agreements encompass Triumph's Actuation Products & Services, which will manufacture components at U.S. sites, including hydraulic actuation for landing gear and thrust reverser doors for single aisle platforms. The Valencia site achieved a Silver Delivery Rating from Boeing, reflecting a positive outlook for commercial aviation recovery. Triumph aims to enhance revenue and profitability through its proprietary solutions.
- Secured multiple contract extensions with Boeing, enhancing Triumph's portfolio.
- Triumph's facility in Clemmons, NC, to manufacture hydraulic components for key Boeing platforms.
- Continued commitment to the Boeing 787 program with a multi-year contract extension.
- Valencia site achieved a Silver Delivery Rating, showcasing operational excellence.
- Contracts indicate a rebound in commercial aviation demand.
- None.
BERWYN, Pa., May 18, 2021 /PRNewswire/ -- Triumph Group (NYSE: TGI) announced today that it has secured multiple contract extensions with Boeing Commercial Airplanes, which will extend their collaboration on critical system components. The agreements extend Triumph's position as a top tier supplier of hydraulic components across multiple Boeing programs. The contracts highlight Triumph's strategic focus on high-value systems offerings including actuation, hydraulic and fueling systems, geared solutions, as well as maintenance, repair and overhaul offerings, and demonstrate Triumph's progress in improving operational execution and reshaping its portfolio around proprietary solutions.
The three contract extensions, which were signed in the last month, secure Triumph's position as a systems provider for Boeing platforms. Under the contracts, Triumph's Actuation Products & Services operating company will manufacture the components at three of its U.S. based sites.
Triumph's facility in Clemmons, North Carolina will begin work later this year to fulfill an extended long-term multi-year agreement for hydraulic actuation components for complex landing gear valves and thrust reverser cowl doors for the single aisle platforms.
Triumph Actuation Products & Services has secured a multi-year contract extension to supply Boeing 787 Dreamliner landing gear components. The follow-on contract is for hydraulic locking actuators, transducers and control valve components on all 787 variants. Triumph has supplied these systems and components for the 787 aircraft since the program's inception and provides related repair and overhaul maintenance for other supplier partners and operators. The contract extension reaffirms Triumph's commitment to the 787 program and extends the company's strong working relationship with Boeing for years to come.
Lastly, the Triumph site in Valencia, California has secured a multi-year contract extension to provide hydraulic accumulators, manifolds as well as steering and locking actuators for multiple legacy platforms. The Valencia site achieved a Silver Delivery Rating from Boeing and maintained it for 12 consecutive months. The contract bolsters the Triumph site's existing business base, and highlights signs of a commercial aviation recovery.
"We are proud to continue our longstanding relationship with Boeing and support their various commercial programs as rates rebound following the pandemic," said Scott Ledbetter, President of Triumph Actuation Products & Services operating company.
William Kircher, Executive Vice President for Triumph Group added, "Triumph's proprietary actuation products and services are expected to boost our revenue and profitability in the years to come."
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 www.triumphgroup.com.
View original content:http://www.prnewswire.com/news-releases/triumph-and-boeing-restructure-and-extend-systems-contracts-301294466.html
SOURCE Triumph Group
FAQ
What contracts did Triumph Group secure with Boeing in May 2021?
How does Triumph Group's contract extension impact its relationship with Boeing?
What specific components is Triumph Group supplying for the Boeing 787?
What operational achievement did Triumph's Valencia site accomplish?
How does Triumph Group view the future of its business with Boeing?
