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| Photo: Triumph |
[Avionics Today 01-07-2014] Triumph Group has announced the closing of the previously announced agreement with Spirit AeroSystems Holdings to take over production of the Gulfstream G650 and G280 wing programs located in Tulsa, Okla. The business will operate as Triumph Aerostructures-Vought Aircraft Division-Tulsa and will be included in the Aerostructures Group segment.
Under the terms of the agreement, Triumph received $160 million in cash plus assets required to run the business from Spirit to cover the anticipated future cash flow needs of the programs, with no additional capital contributions expected by Triumph. The business is expected to add approximately $250 million in annual revenue.