Triumph Group has agree to sell its Nashville based assembly operations to an affiliate of TECT Aerospace, which manufactures complex aerostructure components, parts and assemblies.
The Nashville operations of Triumph Group consists of long and large machining, processing and large-scale assembly.
The two million sq ft facility is located directly across from the Nashville airport. It has a workforce of approximately 300 people who support wing skin assembly and machining of stringers and spars.
The business generated revenues of approximately $125 million during Triumph Group's fiscal year ended March 31, 2019.
Dan Crowley, president and CEO of Triumph Group, commented: "Today's announcement of the sale of our Nashville site to strategic buyer TECT Aerospace reflects the value of the factory, its experienced workforce, and the customer relationships Triumph and its predecessor companies have maintained for 80 years.
"This sale is consistent with our announced plans to exit non-core operations and position the company for reinvestment in new areas of opportunity centrd on our Integrated Systems and aftermarket businesses.
"Since 2016, Triumph has divested 12 of the original 47 operating companies as we reshape our portfolio and reduce debt to enhance shareholder value."
The transaction is subject to customary conditions and is expected to close by the end of 2019.
Seal & Associates acted as exclusive financial advisor to Triumph on the transaction.