The Triumph Group, the Berwyn-based manufacturer of aircraft components that is in the midst of a business reorganization, has agreed to sell three businesses in hopes of returning the company to profitability and reversing a stock market slide, writes Joseph DiStefano for The Philadelphia Inquirer.
Triumph will sell its 400-person Aerospace Structures operations in Los Angeles to California-based Aerospace Systems and Structures LLC and Valence Surface Technologies LLC.
Also, its APU Repair Product Line shop in Thailand, which employs 20 people, was sold to TurbineAero, Inc., and its Triumph Structures, which employs 90 people on Long Island, was sold to Aero Structures Long Island Inc.
Triumph CEO Daniel Crowley said the goal of the three sales is “divesting noncore businesses to enable debt reduction and reinvestment in new areas.”
The businesses to be sold account for about $165 million, or five percent, of the company’s sales.
Read more about the Triumph Group in The Philadelphia Inquirer by clicking here.