Triumph Group has completed the acquisition of Vought Aircraft Industries from The Carlyle Group.
The acquired business will operate as Triumph Aerostructures -Vought Commercial Division and Triumph Aerostructures-Vought Integrated Programmes Division, which will be led by Elmer L. Doty, says Triumph.
Triumph expects "synergies" generated by the deal to save $12 to $15 million within the first twelve to eighteen months, but did not elaborate.
The company will update its fiscal year 2011 guidance for the inclusion of Vought when it releases its first quarter fiscal year 2011 earnings in July, says Triumph.
The company has also increased the size of its board of directors to nine from six and appointed Elmer L. Doty, Ralph E. Eberhart and Adam J. Palmer to its board of directors, effective 16 June.
Triumph Group CEO Richard Ill, says: "Through this acquisition, we obtain world-class facilities, advanced technical capabilities and an outstanding group of employees. The integration of Vought with Triumph creates a leading tier one capable supplier with the scale and resources necessary to confidently meet the changing needs of the aerospace industry."
Source: Air Transport Intelligence news
