US-based aero parts manufacturer Triumph Group has announced plans to merge its Aerospace Structures and Precision Components divisions into a single business unit.
The combined unit will be named Aerospace Structures and is expected to come into operation by 1 January 2018.
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Precision Components’ current executive vice-president Pete Wick will be the new executive vice-president of the new unit.
From the last quarter of fiscal 2018, Triumph also expects to report its financial results under three market-focused business units, including Integrated Systems, Product Support and Aerospace Structures.
Triumph Group president and CEO Daniel Crowley said: “Aerospace Structures and Precision Components have each made significant strides in their operational turnarounds and now have solid foundations for growth. This is the right time to combine their operations so that we can accelerate their turnaround to deliver value for our shareholders and customers.
“Since launching our transformation efforts, the businesses have stabilised, performance is improving, and backlog is growing. The business units’ abilities to achieve key performance objectives are closely linked, they share many of the same customers and suppliers, and have substantial inter-company work on common programmes.
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By GlobalData“As a single business unit, we are confident that we will leverage their combined resources to make them more cost competitive and enhance performance.”
Triumph is currently involved in the designing, engineering and manufacturing, as well as repairing and overhauling of various aircraft structures, components, accessories and systems.
The company caters to a wide range of the global aviation industry such as original equipment manufacturers of commercial, regional, business and military aircraft and related components, in addition to commercial and regional airlines, and air cargo carriers.
