TRIUMPH ANNOUNCES AGREEMENT FOR LOGISTICS SUPPORT IN ASIA

Rhea-AI Summary

On March 8, 2023, Triumph Group (NYSE:TGI) announced a cooperative agreement with Aerofield Services for the logistics and leasing of OEM certified engine shipping stands. This partnership will enhance service options for customers in the Asia-Pacific and China regions, supporting Triumph's growth strategy and product diversification efforts. The agreement is expected to expand Triumph's product and service offerings as the relationship develops. Aerofield Services brings 20 years of expertise in technical services and is a licensed FAA 145 Repair Station, contributing to enhanced operational capabilities.

Positive

• New cooperation with Aerofield Services for logistics and leasing of engine shipping stands.
• Expansion of product and service offerings in the Asia-Pacific and China regions.
• Alignment with Triumph's growth and product diversification strategy.

Negative

• None.

BERWYN, Pa., March 8, 2023 /PRNewswire/ -- Triumph Group, Inc., (TRIUMPH) [NYSE:TGI] is pleased to announce a cooperative effort for logistics and leasing of OEM certified engine shipping stands between its Asia-Pacific facility, TRIUMPH Product Support - Asia (TASA) and Aerofield Services LLC., headquartered in Aurora, Colorado. Per the agreement, engine stands will be available for lease from TASA for customers and industry service partners within the APAC and China regions and in turn positions TASA's avenues to grow its product and service offerings as the relationship expands beyond the leasing agreements.

"This agreement directly supports innovative collaboration and enhanced service options within Asia, both of which are key parts of our growth and product diversification strategy," said Monty Richardson, President of TRIUMPH Product Support - Asia.  "Partnering with multi-faceted organizations such as Aerofield contributes to the expansion of our product and service sets and provides additional avenues for our customers to address their needs in a timely manner."

"We are excited to forge this opportunity with TASA," said Phil Wilson, President of Aerofield Services. "We are looking forward to the opportunities and synergies that this transnational effort brings for both our organizations."

About Aerofield Services

With 20 years of proven technical services to lessors, aviation funds, and airlines, Aerofield Services has an established record of excellence in performing various records, physical airframe and engine borescope inspections, as well as engine storage and repairs. As a licensed FAA 145 Repair Station (MRO), with additional accreditation from EASA and TCCA, Aerofield leases engine stands worldwide. Aerofield has received various awards, including recognition as one of top 200 companies in Colorado.

TRIUMPH Product Support (TPS), TRIUMPH's third-party Maintenance, Repair and Overhaul (MRO) business provides total life cycle solutions for commercial, regional and military aircraft. TRIUMPH Product Support's extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain.  TPS aftermarket capabilities include repair of aircraft structures, nacelles, and engine and aircraft accessories and components.

TRIUMPH, headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls a broad portfolio of aerospace and defense systems and components. 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:https://www.prnewswire.com/news-releases/triumph-announces-agreement-for-logistics-support-in-asia-301766325.html

SOURCE Triumph Group

FAQ

What is the recent announcement from Triumph Group on March 8, 2023?

Triumph Group announced a cooperative agreement with Aerofield Services for logistics and leasing of OEM certified engine shipping stands, enhancing service options in the Asia-Pacific and China regions.

How will the partnership with Aerofield Services benefit Triumph Group?

The partnership will expand Triumph's product and service offerings and support its growth strategy in the Asia-Pacific market.

What services does Aerofield Services provide?

Aerofield Services offers technical services including inspections, storage, and repairs, and is a licensed FAA 145 Repair Station.

What is Triumph Group's stock symbol?

Triumph Group is traded under the stock symbol TGI on the NYSE.