Triumph selling Red Oak, Texas operations
February 19, 2021 - United States Of America
Triumph Group is selling its Red Oak, Texas operations to Arlington Capital Partners. The deal includes the Red Oak facility, together with Triumph’s thermoplastic engineering capabilities. Arlington Capital Partners will combine the Red Oak business with the composites facilities it is separately acquiring from Triumph pursuant to an earlier agreement.
The two have entered into a definitive agreement on the sale of Red Oak operations.
"With the sale of Triumph's Red Oak and composites operations, Triumph continues to execute on its strategic path to value initiative to exit large structures manufacturing and reduce our leverage. 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 services," said Daniel Crowley, Triumph's chairman and chief executive officer.
The Red Oak site specialises in the manufacture of large, complex composite and metallic structures such as wing, empennage, and fuselage assemblies. The operations cover approximately 1.0 million square feet of factory space and employ approximately 400 people.
Both the Red Oak and previously announced composites transactions are subject to customary closing conditions and are expected to close in Triumph's fourth quarter of FY21.
The two have entered into a definitive agreement on the sale of Red Oak operations.
"With the sale of Triumph's Red Oak and composites operations, Triumph continues to execute on its strategic path to value initiative to exit large structures manufacturing and reduce our leverage. 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 services," said Daniel Crowley, Triumph's chairman and chief executive officer.
The Red Oak site specialises in the manufacture of large, complex composite and metallic structures such as wing, empennage, and fuselage assemblies. The operations cover approximately 1.0 million square feet of factory space and employ approximately 400 people.
Both the Red Oak and previously announced composites transactions are subject to customary closing conditions and are expected to close in Triumph's fourth quarter of FY21.