Triumph Group

Last updated

Triumph Group, Inc.
Company type Public
Industry
PredecessorAlco Standard
Founded1993;31 years ago (1993)
Headquarters
Berwyn, Pennsylvania
,
United States
Number of locations
64
Key people
Daniel J. Crowley (President and CEO) [1]
Jim McCabe (CFO) [2]
ProductsAerospace components
ServicesAerospace repair and overhaul
RevenueIncrease2.svg US$1.19 billion (2024)
Decrease2.svgUS$86.4 million (2024)
Increase2.svgUS$512 million (2024)
Total assets Decrease2.svgUS$1.69 billion (2024)
Total equity Increase Negative.svgUS$−104 million (2024)
Number of employees
4,530 (2024)
Website triumphgroup.com
Footnotes /references
[3]

Triumph Group, Inc. is an American supplier of aerospace services, structures, systems and support. Based in Radnor, Pennsylvania, United States, Triumph engineers, designs, and manufactures aircraft components, systems, and accessories. Several services and products are offered through three of their operating organizations, Integrated Systems, Aerospace Structures, and Product Support. [4]

Contents

Triumph Group serves original equipment manufacturers of regional, commercial, military and business aircraft and components, as well as air cargo carriers and regional and commercial airlines. [5] [6]

History

1980s

Triumph Group was formerly one of the companies in Alco Standard Corporation, a loose conglomerate of diversified companies that operated across a large number of unrelated fields, including office supplies. [7] By the latter half of the decade, officers of Alco Standard Corporation were concentrating on office supplies, paper products, and food services, their three core competencies. The former was the fastest-growing market for the company.[ citation needed ]

In 1986, Alco was considering selling Triumph Group and its distribution businesses, the former of which competed in the aerospace industry and earned just under 3% of Alco Standard's revenue.[ citation needed ]

1990s

In addition to its aerospace factions, Triumph also had a stake in the U.S. steel industry. Because customers were becoming more demanding with respect to product quality, Alco Standard formed a new organization named Alco Diversified Services out of the 11 companies that comprised the Triumph Group, the two paper companies and their aerospace subsidiary. Richard Ill, who led Triumph Group for several years, was promoted to president of Alco Diversified Services.

In 1991, Alco sold their food division. In 1992, the corporation made an announcement that it was trying to sell Alco Diversified Services and purchase 49.9% percent of IMM Office Systems Holding. In 1993, Triumph Group took over Alco Diversified Services in a leveraged buyout. Triumph conducted aviation repair and overhaul, industrial machining, paper converting and steel converting. The companies employed 1450 people at 22 US locations, with aviation accounting for just over 25% of total sales.

In 1995, due to Department of Defense cutbacks, Triumph sold Otto Konigslow Manufacturing Company (which manufactured aerospace components) to two of its supervisors.

In the middle of the 1990s, commercial aviation sales went from $200 million to $300 million in three years, with forecasts indicating that sales would reach $500 million before the end of the decade. The aviation businesses provided 67% of the company's revenue. With never-before-seen demand for airline travel around 1996, Boeing produced close to 500 aircraft per annum. To meet this unprecedented production rate, Boeing outsourced a greater number of components and services.

In 1996, the corporation had 1500 workers and yearly earnings of $300 million. Six divisions worked in aviation while the other seven worked in specialty materials. The company went public at that time, which provided over $50 million in revenue.

The company focused on purchasing aviation companies in an attempt to increase profits by 20% per annum, and extend their product lines. Such acquisitions included Air Lab (1995), Teleflex Controls (1996), Hydro-Mill Company (1997), DV Industries (1998), DG Industries (1998), Chase Aerospace Limited (1998) and Hartford Tool and Die (1998).

In 1998, when Ill subsequently announced his preoccupations about cutbacks in aircraft production at Boeing Company, he also stated that there may be more work forthcoming on the new Boeing 737. This was an excellent fit for Triumph Air Repair, as much of their work consisted of servicing the Boeing 727 and 737 aircraft. It was at this time that Boeing Company purchased McDonnell Douglas, the first company to manufacture the KC-10 aircraft, which was the aerial refueling version of the Boeing DC-10. Soon to follow would be Triumph Air Repair's largest contract ever, a twelve-month deal to service auxiliary power units and line replaceable units for the United States Air Force KC-10 tankers. Boeing had several options to renew, increasing the potential of this arrangement ninefold.

In 1998, Triumph acquired four additional companies, bringing its grand total of subsidiaries to eighteen and its employee count to over two thousand in early 1999. It was at this time that Triumph purchased Ralee Engineering, a manufacturer of gigantic aircraft components and assemblies. This gave the conglomerate the ability to produce almost all of the parts used in commercial aircraft.

In 1999, Triumph infused six more companies into its lineup of subsidiaries. The company produced flight control surfaces, control systems, and metal parts while providing MRO for almost every aircraft system except cabins, communications devices, landing gear, engines and the most comprehensive maintenance checks. [8]

2000s

In 2003, the Boeing Company's failing Spokane, Washington facility was acquired, which is now known as Triumph Composite Systems. The conglomerate now stood at 41 companies. [9] In the same quarter of that year, the company restructured by discontinuing its Metals Group and combining its five aviation segments into three. The Control Systems and Structures Groups were combined into Triumph Aerospace Systems Group. The Gas Turbine Services and Operational Components Groups were unified, becoming Triumph Components Group. Triumph Aftermarket Services Group added Advanced Materials Technologies and Aerospace Technologies to its portfolio. [10]

Shortly thereafter, Triumph acquired the Parker Hannifin Corporation United Aircraft Products Division and Rolls-Royce Gear Systems. The company then reorganized into two groups, Triumph Aftermarket Services and Triumph Aerospace Systems. It also combined several of its Arizona subsidiaries into Triumph Engineered Solutions; operations at the Phoenix Manufacturing Division of Triumph Engineered Solutions ceased on December 31, 2004, and its Wisconsin Manufacturing Division was sold. [11]

In 2009, Triumph Group purchased Mexmil Company, Kongsberg Automotive, Merritt Tool Company and Saygrove Defense & Aerospace Group. [12]

2010s

Company logo from 2010 TruimphGroupLogo.png
Company logo from 2010

In June 2010, Triumph Group acquired Vought Aircraft Industries, a leading producer of aerostructures from the Carlyle Group. This acquisition close to doubled the company workforce, and created a 'Tier One Capable' supplier. [13] [14]

In January 2014 [15] the company sold its division Lee Aerospace back to its original founder, Jim Lee. Triumph had owned Lee Aerospace for 14 years. [16]

In December 2015, Triumph Group Inc. announced that Daniel J. Crowley would be named president and chief executive officer effective 4 January 2016. Crowley succeeds Richard C. Ill, CEO from 1993 to 2012. Ill left retirement to step in after Jeffry D. Frisby resigned. [17] Ill was also the chairman since 2009, so when he took over the CEO position after Frisby left, he was succeeded by one of the company's board members, U.S. Air Force (Ret.) Gen. Ralph E. Eberhart. [18]

2020s

In 2020 Triumph Group's fourth quarter had an operating loss of $40.3 million, this was inclusive of a $66.1 million 'goodwill Product Support' due to the effects of the COVID-19 crisis on the overall aviation market. [19]

In 2021 Triumph Group signed a Ten Year Contract With Rolls-Royce. [20]

In 2023 Triumph Group announced that it had entered into a Memorandum of Understanding (MOU) with Stirling Dynamics with the aim to collaborate on advancing opportunities in the electro-mechanical actuation market. [21]

Business units

Triumph Group has three business units: [22]

Triumph Aerospace Structures designs and builds large structures, subsystems and parts for military, commercial and industrial OEMs, using metal and composites.

Triumph Integrated Systems designs, develops and tests electrical components for use in military and commercial aircraft. Integrated Systems builds electronics and their controls, actuation and their controls, along with mechanical parts, gears, fluid power parts and actuators.

Triumph Product Support maintains military and commercial aircraft parts, accessories and airborne electrical power generators. Product Support provides accessories, aviation services, airborne structures and interiors.

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References

  1. ↑ "Triumph Group Names Daniel J. Crowley President and Chief Executive Officer" (Press release). Business Wire. 29 December 2015. Retrieved 31 January 2018.
  2. ↑ Chandrasekara, R. (27 July 2017). "Triumph Hires James McCabe As Its New CFO". Yahoo! Finance. Retrieved 31 January 2018.
  3. ↑ "Triumph Group FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 31 May 2024. Retrieved 1 June 2024.
  4. ↑ Triumph Group. "Who We Are". www.triumphgroup.com. Retrieved 25 February 2018.
  5. ↑ "NYSE:TGI - Google Search". www.google.com. Retrieved 31 January 2018.
  6. ↑ "Triumph Group Inc". www.marketwatch.com. Retrieved 31 January 2018.
  7. ↑ Charles Hill, Gareth Jones, Strategic Management Theory: An Integrated Approach (Cengage Learning, 2009; ISBN   0-538-75107-X), p. 431
  8. ↑ "History of Triumph Group, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 31 January 2018.
  9. ↑ "The Manufacturer.com". themanufacturer.com. Archived from the original on 27 September 2011. Retrieved 31 January 2018.
  10. ↑ "Find Local Contractors - Home Remodeling Contractors on Ecnext". goliath.ecnext.com. Retrieved 31 January 2018.
  11. ↑ "Triumph Group Announces Divestiture of Discontinued Operations and Significant Progress on Its Exit from IGT Business". Esmark Inc. 6 January 2005.
  12. ↑ Triumph Group. "Triumph Group-News Releases". triumphgroup.com. Archived from the original on 6 June 2017. Retrieved 31 January 2018.
  13. ↑ "News Channel - Homepage - flightglobal.com". Flightglobal.com. Retrieved 25 February 2018.
  14. ↑ Triumph Group. "Triumph Group Completes Acquisition of Vought Aircraft Industries, Inc". triumphgroup.com. Archived from the original on 10 July 2012. Retrieved 31 January 2018.
  15. ↑ McMillin, Molly (29 January 2014). "Founder of Lee Aerospace buys back company". Wichita Eagle. Retrieved 13 April 2019.
  16. ↑ Durden, Rick (29 January 2014). "Lee Aerospace Returns—Delivers First Fuselage Section". AVweb. Retrieved 1 February 2014.
  17. ↑ Steele, Anne. "Triumph Group Names Raytheon Executive Daniel Crowley as Permanent CEO". Wall Street Journal. ISSN   0099-9660 . Retrieved 29 December 2015.
  18. ↑ Stynes, Tess (8 April 2015). "Triumph Group CEO Steps Down, Replaced By Company Founder". Wall Street Journal. ISSN   0099-9660 . Retrieved 24 January 2020.
  19. ↑ "Triumph Group Reports Fourth Quarter Fiscal 2020 Results".
  20. ↑ "Triumph Group Awarded Ten Year Contract with Rolls-Royce".
  21. ↑ "Triumph and Stirling Dynamics Enter into Memorandum of Understanding".
  22. ↑ Triumph Group. "Business Units – Triumph Group". www.triumphgroup.com. Retrieved 25 February 2018.
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