Triumph Group [TGI] on Wednesday said it has agreed to sell its Stuart Aerostructures business to France’s Daher Aerospace
, part of its strategy to focus on systems and aftermarket services.
Terms of the deal, which is expected to close in the first half of 2022, were not disclosed.
Florida-based Stuart Aerostructures has about 400 employees and assembles large, complex metallic structures such as wing and fuselage assemblies for including Boeing’s [BA] 767, which is the airframe for the U.S. Air Force KC-46 aerial refueling tanker. The facility occupies 485,000 square feet.
“Upon closing of the sale of the Stuart operation, Triumph will have exited its structures business and is moving forward as a leading, pure-play provider of systems and aftermarket services,” Daniel Crowley, chairman, president and CEO of Triumph, said in a statement.
Daher said the acquisition expands its presence in the U.S. and its relationship with customers in North America, which is part of its strategic plan.
Including the pending sale of Stuart, Triumph has divested 16 non-core businesses since 2016.
Triumph’s financial adviser on the deal is Lazard.