Triumph (NYSE: TGI) announced Monday that the deal, effective December 30 2013, had closed. Industry analysts now predict the deal will add $250 million in annual revenue for the Berwyn company.

Berwyn-based Triumph Group’s newest challenge is to turn around a pair of struggling jet wing production programs that will set Spirit Aerosystems back more than $200 million when Triumph takes over next year.

The just-announced deal is a “logical extension of Triumph’s capabilities” that is “an excellent strategic fit,” President and CEO Jeff Frisby said in a report by The Wichita Eagle, and it’s one that bolsters both Triumph’s position in the world of aircraft wing design and its commitment to business jet giant Gulfstream.

But it wasn’t an easy deal to clinch.

“It’s been a complicated transaction for us,” Senior Vice President and Chief Financial Analyst Jeff McCrae said in the article. “We’ve been engaged in this for a number of months.”

In the end, Spirit will pay Triumph $160 million in cash; hand over up to $80 million in tools, parts and equipment; and sublease its Tulsa facility. Most other aspects of the G650 and G280 operations are likely to continue as usual.

Read more about the terms of the deal and the challenge for Triumph going forward in The Wichita Eagle here.

Kansas.com has published more details on the deal here.

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