Post-closing, Carlyle will own approximately 31% of the outstanding stock of Triumph and will be subject to certain lock up provisions.
The transaction is subject to customary closing conditions including regulatory approvals and approval of Triumph shareholders. It is expected to be completed in July 2010.
The acquired business will operate as Triumph Aerostructures - Vought Aircraft Division LLC.
Vought, based in Dallas, Texas, USA, is a manufacturer of aerostructures for commercial, military and business jet aircraft with sales of US$1.9 billion in 2009. Its technologies include composite design and fabrication techniques. Its projects include the Boeing 747-8, Boeing 767, Boeing 777, Airbus A330/340, Boeing C-17, Boeing V-22, Northrop Grumman Global Hawk and Gulfstream G450 and G550.
"This is an important acquisition for Triumph as it will dramatically advance our technical capabilities and significantly enhance our ability to offer aerostructure systems solutions to our customers," says Richard C. Ill, Triumph's Chairman and CEO. "The integration of Vought with Triumph will create a leading Tier One capable supplier with strong positions in commercial and military platforms."
Triumph Group Inc, headquartered in Wayne, Pennsylvania, USA, designs, manufactures and repairs aircraft components and accessories.
