Triumph Group has entered into a definitive agreement to sell its Aerostructures business, located in Stuart, Fla., to Daher Aerospace. The announcement was made Feb. 2, and includes the Stuart, Fla., business and the transfer of Stuart employees.
“Upon closing of the sale of the Stuart operation, Triumph will have exited its structures business and is moving forward as a leading, pure-play provider of systems and aftermarket services,” said Daniel Crowley, Triumph’s chairman, president and CEO. “We are excited 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 metallic structures such as wing and fuselage assemblies, and has approximately 400 employees. Since 2016, Triumph divested 16 non-core businesses, including the Stuart business addressed in today’s announcement, as part of its transformation efforts to enhance shareholder value and position the company for long-term success.
According to Daher Aerospace, the acquisition enables 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
- Reinforce the company’s offering as an aerospace equipment manufacturer of large structural assemblies and sub-assemblies, as well as strengthen the group’s expertise in producing metallic aerostructures
“This acquisition is perfectly aligned with Daher’s ‘Succeed Together’ strategic plan, including the goal of significantly developing our North American activities across all of the company’s divisions” said Didier Kayat, the CEO of Daher. “We strengthened our aircraft manufacturing business by acquiring Kodiak in 2019, and also have achieved significant organic growth in our services activities. With this acquisition, we strive to strengthen our industrial business. This significant transaction enables us to position ourselves globally as a key aerospace player.”
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 has grown its presence within the aviation industry, acquiring both French general aviation manufacturer SOCATA, and U.S. aircraft company Quest Aircraft. In addition to manufacturing its own light aircraft range, it is also active as a subcontractor of aerostructures on behalf of several aerospace firms, including Airbus, Boeing, Dassault, and Gulfstream Aerospace.