Triumph Group (TGI) Announces Sale of Newport News Subsidiary
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Triumph Group, Inc. (NYSE: TGI) and Calspan Holdings, the parent company to a thriving group of entities including Buffalo-based aerospace and automotive research company Calspan Corporation, announced the acquisition of Triumph Aerospace Systems – Newport News, Inc. The transaction was effective September 30, 2016 and the new company will operate as Calspan Systems Corporation. Triumph Aerospace Systems – Newport News generated revenues of approximately $18 million in Triumph Group’s fiscal year ended March 31, 2016.
Calspan Systems Corporation (formerly “Triumph Aerospace Systems – Newport News”), is a globally-recognized, industry-leading, engineering, design, analysis and manufacturing firm, specializing in the engineering and manufacture of complex hardware and prototype systems. Also included in this acquisition is the company’s Force Measurement Systems (FMS) division, located in San Diego, California. Triumph Aerospace Systems – Newport News had been a subsidiary of the Triumph Group since 2006.
“We are very pleased to add Calspan Systems Corporation to our company, and expand our capabilities in providing our customers with a heightened expertise in aerospace engineering, testing, and design,” stated Calspan President and CEO, Louis Knotts. “This transaction is a winning combination for Calspan’s customers, employees and partners, as it builds on and complements the significant foundation already in place.”
The acquired company will retain its management, technical and supporting staff and will continue operations at its current headquarters in Newport News, Virginia, along with its San Diego facility. “We are excited to join the Calspan team,” said Stephanie Mumford, Calspan Systems Corporation President. “Our core customers are very similar, and we are now positioned to significantly enhance Calspan’s position in the industry.”
Earlier this year Triumph Group President and CEO, Dan Crowley announced a transformation plan to positively position Triumph for long term success and enhance its competitive position in the marketplace. “The sale of Triumph Aerospace Systems-Newport News to Calspan is in the best interest of all companies involved,” said Crowley. “The sale will allow Triumph to focus more intently on our core business capabilities. I am confident that under Calspan the company will have greater opportunities for growth.”
This acquisition expands Calspan’s global reach. As stated by Calspan Chairman, John Yurtchuk, “This acquisition reinforces Calspan as a growth company in the industries we serve, offering a consistent focus of providing an exceptional level of service to our customers.”
It is expected that full integration of the companies will be completed by the end of 2016.
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