Aerospace service provider Triumph has agreed to divest its composites operations to private equity firm Arlington Capital Partners.
The divesture is part of Triumph’s transformation strategy to reduce debt and improve margins.
As part of this deal, Arlington will acquire Triumph Aerospace Structures’ composites business in Milledgeville, Georgia, and Rayong, Thailand.
The divested operations have around 600 staff and consist of nearly 800,000ft² of factory space.
It provides structural and engine composite fabrications and assemblies in support of a range of programmes, including Boeing 787, 777 and V-22, Airbus A320, A330 and A350, and more.
Triumph president and chief executive officer Daniel Crowley said: “With the sale of Triumph’s composites business, Triumph continues to execute on its previously announced Aerospace Structures strategic review.
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By GlobalData“This transaction will further reduce debt and enhance liquidity while moving the company towards its future state as a leading provider of systems and aftermarket service.
“We are excited to partner with Arlington Capital Partners who will benefit from the experienced workforce, significant capabilities, and embedded customer relationships at both factories.”
Arlington will retain the management, technical and supporting staff, as well as continue operations at the current facilities.
Completion of the deal is subject to customary closing conditions. It is expected to close in Triumph’s Q2 of 2021.
Financial details of the deal are not disclosed.
The company has sold 13 non-core businesses since 2016.
In June, Triumph Groups’ Systems and Support business unit entered a five-year non-exclusive agreement with a North American independent maintenance, repair and overhaul (MRO) facility.
