Triumph Group Inc., the Berwyn-based jet aircraft parts and structures builder that’s been enduring a painful reorganization even before veteran aircraft executive Daniel J. Crowley was named CEO at the end of 2015, said it has agreed to sell three businesses in hopes of returning the company to profitability and reversing the stock market slide that has dropped Triumph’s market value to $22.50 at the close of Monday from nearly $38 two years ago.
Triumph agreed to sell its Los Angeles-based, 400-person Aerospace Structures Long and Large machining and metal-finishing operations to California-based Aerospace Systems and Structures LLC and Valence Surface Technologies LLC, in a deal financed by the buyers’ partner Trive Capital, a $2 billion-asset private equity firm; its APU Repair Product Line shop, employing 20, in Chonburi, Thailand, was sold to TurbineAero, Inc.; and Triumph Structures-Long Island LLC, which employs 90, was sold to Aero Structures Long Island Inc.
The goal is “divesting noncore businesses to enable debt reduction and reinvestment in new areas,” Crowley said in a statement. The businesses to be sold account for around $165 million, or around 5 percent, of the company’s sales. Seale & Associates, Stradley Ronon Stevens & Young, and Ballard Spahr LLP advised Triumph on the deals.