Triumph Group has entered into a definitive agreement to sell its Aerostructures business, located in Stuart, Florida, to Daher Aerospace. The announcement was made on February 2 and includes the Stuart, Florida business and the transfer of Stuart employees.
“On closing of the sale of the Stuart transaction, Triumph will have exited its structures business and will progress as a leading supplier of aftermarket systems and services,” said Daniel Crowley, Triumph’s Chairman and Chief Executive Officer. “We are delighted to partner with Daher who will benefit from the Stuart site’s experienced workforce, significant capabilities and strong customer relationships.”
The Stuart operation specializes in the assembly of large complex metal structures such as wing and fuselage assemblies and has approximately 400 employees. Since 2016, Triumph has divested 16 non-core businesses, including the Stuart business discussed in today’s announcement, as part of its transformation efforts to improve shareholder value and position the business for future success. long term.
According to Daher Aerospace, the acquisition allows the company to:
- Strengthen its presence and production capacities in America following the acquisition of Quest Aircraft (Kodiak) in 2019
- Expand the company’s relationship with North American customers in accordance with its strategic plan
- Strengthen the company’s offer as an aeronautical equipment supplier of large structural assemblies and sub-assemblies, as well as strengthen the group’s expertise in the production of metal aerostructures
“This acquisition is perfectly in line with Daher’s “Succeeding Together” strategic plan, the objective of which is to significantly develop our North American activities in all of the company’s divisions,” said Didier Kayat, CEO of Daher. “We strengthened our aircraft manufacturing business by acquiring Kodiak in 2019, and also achieved significant organic growth in our services business. With this acquisition, we are striving to strengthen our industrial activity. This significant transaction allows us to position ourselves on a global scale as a key player in aerospace.
This transaction is subject to customary closing conditions and is expected to close in the first half of the calendar year.
Daher was founded in 1863 as a shipping company. During the 21st century, Daher strengthened its presence in the aviation industry by acquiring both the French general aviation manufacturer SOCATA and the American airline Quest Aircraft. In addition to manufacturing its own range of light aircraft, it is also active as an aerostructures subcontractor for several aeronautical firms, including Airbus, Boeing, Dassault and Gulfstream Aerospace.