Triumph Divests Aerospace-Systems Newport News To Calspan
Zacks Investment Research | Oct 06, 2016 10:04PM ET
Triumph Group, Inc. (NYSE:TGI) announced that its subsidiary, Triumph Aerospace-Systems Newport News, Inc., was acquired by Calspan Holdings, the parent company of Cheektowaga-based Calspan Corp. The deal was completed on Sep 30. However, the value of the deal was kept under wraps.
Details of the Transaction
Under the agreement, Triumph Aerospace-Systems will hereafter be referred to as Calspan Systems Corp. Calspan Holdings intends to combine Triumph Aerospace-Systems with its research and development portfolio due to the similarity in their operations. Moreover, the acquisition is expected to boost Calspan Holdings’ position in the thriving aerospace engineering, testing and designing markets.
Rationale Behind the Sale
The sale came as part of management’s efforts on streamlining the company’s business structure to reduce costs and support its “go-to-market strategies.” The divestment will also aid the company to focus better on its core businesses and improve efficiency in the process.
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