Triumph Group Up 13% On Acquisition News
Mar 23, 2010 Uncategorized
Triumph Group (TGI), a company that supplies and overhauls aerospace systems and components, is seeing its stock rally $8.01 to $69.23, for a 13.08% gain in early trading, on mergers and acquisition news from the company.
The company today announced that it had signed a definitive agreement to purchase Vought Aircraft Industries, Inc. from private equity firm The Carlyle Group, in a cash and stock deal worth $1.44 billion, which includes the retirement of $590 million of Vought debt. Upon the deal’s closing, Carlyle will own approximately 31% of Triumph Group’s outstanding stock.
According to Triumph Group, the acquisition will create a company with industry-leading breadth of product and capabilities.
Vought, which had 2009 sales of $1.9 billion, manufactures aerostructures for commercial, military and business jet aircraft. Its product line includes fuselages, wings, empennages, nacelles and helicopter cabins.
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Tags: acquisition, mergers, triumph group, vought aircraft industries
