{{short description|American aerospace components manufacturer}} {{About|the aerospace manufacturing company|other uses|Triumph (disambiguation){{!}}Triumph}} {{Multiple issues|{{Update|see talk page|date=February 2018}}{{Primary sources|date=January 2018}}}} {{Use dmy dates|date=February 2023}} {{Use American English|date=February 2023}} {{Infobox company | name = Triumph Group, Inc. | logo = File:Triumph RGB-01.png | caption = | type = Private | traded_as = {{Unbulleted list|{{NYSE was|TGI}}}} | genre = | fate = | predecessor = Alco Standard | successor = | foundation = {{Start date and age|1993}} | founder = | defunct = | hq_location = Radnor, Pennsylvania | locations = 64 | area_served = | key_people = {{Unbulleted list|Jorge L. Valladares III (President and CEO)<ref name = 'acquisition'/>| Jim McCabe (CFO)<ref>{{cite web|url = https://finance.yahoo.com/news/triumph-hires-james-mccabe-cfo-192036932.html|title = Triumph Hires James McCabe As Its New CFO|access-date = 31 January 2018|last = Chandrasekara|first = R.|publisher = Yahoo! Finance|date = 27 July 2017}}</ref>}} | industry = {{Unbulleted list|Manufacturing| Aerospace}} | products = Aerospace components | services = Aerospace repair and overhaul | revenue = {{Increase}} {{US$|1.19 billion|link=yes}} (2024) | operating_income = {{decrease}} {{US$|86.4 million}} (2024) | net_income = {{increase}} {{US$|512 million}} (2024) | aum = | assets = {{decrease}} {{US$|1.69 billion}} (2024) | equity = {{increasenegative}} {{US$|-104 million}} (2024) | owner = Warburg Pincus and Berkshire Partners | num_employees = 4,530 | num_employees_year = 2024 | parent = | divisions = | subsid = | homepage = {{URL|https://triumphgroup.com/}} | footnotes = <ref>{{Cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1021162/000095017024067390/tgi-20240331.htm|title=Triumph Group FY 2024 Annual Report (Form 10-K)|date=May 31, 2024|publisher=U.S. Securities and Exchange Commission|access-date=June 1, 2024}}</ref> | intl = }} '''Triumph Group, Inc.''' is an American supplier of aerospace services, structures, systems and support. Based in Radnor, Pennsylvania, 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.<ref>{{cite web|url=http://www.triumphgroup.com/who-we-are/|title=Who We Are|author = Triumph Group|website=www.triumphgroup.com|access-date=25 February 2018}}</ref>
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.<ref>{{cite web|url=https://www.google.com/finance/quote/TGI:NYSE|title=NYSE:TGI - Google Search|website=www.google.com|access-date=31 January 2018}}</ref><ref>{{cite web|url=http://www.marketwatch.com/investing/stock/TGI/profile|title=Triumph Group Inc.|website=www.marketwatch.com|access-date=31 January 2018}}</ref>
==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.<ref>Charles Hill, Gareth Jones, ''Strategic Management Theory: An Integrated Approach'' (Cengage Learning, 2009; {{ISBN|0-538-75107-X}}), p. [https://books.google.com/books?id=CzIK9ELsyYwC&dq=%22Alco+Standard%22+source%3A%22-newswire%22+source%3A%22-wire%22+source%3A%22-presswire%22+source%3A%22-PR%22+source%3A%22-release%22+source%3A%22-wikipedia%22&pg=PA431 431]</ref> 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|date=January 2024}}
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|date=January 2024}}
===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.<ref>{{cite web|url=http://www.fundinguniverse.com/company-histories/Triumph-Group-Inc-Company-History.html|title=History of Triumph Group, Inc. – FundingUniverse|website=www.fundinguniverse.com|access-date=31 January 2018}}</ref>
===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.<ref>{{cite web|url=http://www.themanufacturer.com/us/profile/1619/Triumph_Composite_Systems|title=The Manufacturer.com|website=themanufacturer.com|access-date=31 January 2018|url-status = dead|archive-url=https://web.archive.org/web/20110927051815/http://www.themanufacturer.com/us/profile/1619/Triumph_Composite_Systems|archive-date=27 September 2011}}</ref> 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.<ref>{{cite web|url=http://goliath.ecnext.com/coms2/gi_0199-2663121/Triumph-Group-Announces-Organizational-Realignment.html|title=Find Local Contractors - Home Remodeling Contractors on Ecnext|website=goliath.ecnext.com|access-date=31 January 2018}}</ref>
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.<ref>{{cite news|title=Triumph Group Announces Divestiture of Discontinued Operations and Significant Progress on Its Exit from IGT Business|website=Esmark Inc.|date=6 January 2005|url=https://esmark.com/triumph-group-announces-divestiture-of-discontinued-operations-and-significant-progress-on-its-exit-from-igt-business/}}</ref>
In 2009, Triumph Group purchased Mexmil Company, Kongsberg Automotive, Merritt Tool Company and Saygrove Defense & Aerospace Group.<ref>{{cite web|url=http://ir.triumphgroup.com/phoenix.zhtml?c=61870&p=irol-news|title=Triumph Group-News Releases|author=Triumph Group|website=triumphgroup.com|access-date=31 January 2018|archive-url=https://web.archive.org/web/20170606161017/http://ir.triumphgroup.com/phoenix.zhtml?c=61870&p=irol-news|archive-date=6 June 2017|url-status = dead|df=dmy-all}}</ref>
===2010s=== thumb|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.<ref name="Vought">{{cite web|url=http://www.flightglobal.com/articles/2010/06/16/343361/triumph-completes-acquisition-of-vought.html|title=News Channel - Homepage - flightglobal.com|website=Flightglobal.com|access-date=25 February 2018}}</ref><ref>{{cite web|url=http://ir.triumphgroup.com/phoenix.zhtml?c=61870&p=irol-newsArticle&ID=1438930&highlight=|archive-url=https://archive.today/20120710214419/http://ir.triumphgroup.com/phoenix.zhtml?c=61870&p=irol-newsArticle&ID=1438930&highlight=|url-status = dead|archive-date=10 July 2012|title=Triumph Group Completes Acquisition of Vought Aircraft Industries, Inc.|author=Triumph Group|website=triumphgroup.com|access-date=31 January 2018}}</ref>
In October 2013 <ref name="General Donlee">{{cite web|url=https://www.militaryaerospace.com/commercial-aerospace/article/14227311/triumph-group-acquires-general-donlee-canada-maker-of-flight-critical-components|title=News Channel - Homepage - flightglobal.com|website=www.militaryaerospace.com/|access-date=9 October 2025}}</ref> Triumph Group Inc. completed its acquisition of General Donlee Canada Inc., a manufacturer of complex machined components such as gear sets and transmissions.
In January 2014 <ref name=McMillin29Jan14>{{Cite news|url = https://www.kansas.com/news/business/aviation/article1132929.html|title = Founder of Lee Aerospace buys back company|access-date = 13 April 2019|last = McMillin|first = Molly|date = 29 January 2014|work = Wichita Eagle}}</ref> the company sold its division Lee Aerospace back to its original founder, Jim Lee. Triumph had owned Lee Aerospace for 14 years.<ref name="Durden29Jan14">{{cite news|url = http://www.avweb.com/avwebflash/news/Lee-Aerospace-ReturnsDelivers-First-Fuselage-Section221352-1.html|title = Lee Aerospace Returns—Delivers First Fuselage Section|access-date = 1 February 2014|last = Durden|first = Rick|date = 29 January 2014| work = AVweb}}</ref>
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.<ref>{{Cite news|title = Triumph Group Names Raytheon Executive Daniel Crowley as Permanent CEO|url = https://www.wsj.com/articles/triumph-group-names-raytheon-executive-daniel-crowley-as-permanent-ceo-1451392405|newspaper = Wall Street Journal|access-date = 2015-12-29|issn = 0099-9660|first = Anne|last = Steele}}</ref> 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.<ref>{{Cite news|url=https://www.wsj.com/articles/triumph-group-ceo-steps-down-replaced-by-company-founder-1428499876|title=Triumph Group CEO Steps Down, Replaced By Company Founder|last=Stynes|first=Tess|date=2015-04-08|work=Wall Street Journal|access-date=2020-01-24|language=en-US|issn=0099-9660}}</ref>
===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.<ref>{{cite web | url=https://ir.triumphgroup.com/news-events/news-details/2020/Triumph-Group-Reports-Fourth-Quarter-Fiscal-2020-Results/default.aspx | title=Triumph Group Reports Fourth Quarter Fiscal 2020 Results }}</ref>
In 2021 Triumph Group signed a Ten Year Contract With Rolls-Royce.<ref>{{cite web | url=https://ir.triumphgroup.com/news-events/news-details/2021/Triumph-Group-Awarded-Ten-Year-Contract-With-Rolls-Royce/default.aspx | title=Triumph Group Awarded Ten Year Contract with Rolls-Royce }}</ref>
In May 2023, activist hedge fund Vision One negotiated a cooperation agreement with the Company, resulting in Vision One principals Courtney Mather and Julio C. Acero joining Triumph’s Board. <ref>{{cite web | url= https://www.prnewswire.com/news-releases/triumph-advances-board-refreshment-301837806.html | title=Triumph Advances Board Refreshment }}</ref>
In June 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.<ref>{{cite web | url=https://ir.triumphgroup.com/news-events/news-details/2023/TRIUMPH-AND-STIRLING-DYNAMICS-ENTER-INTO-MEMORANDUM-OF-UNDERSTANDING/default.aspx | title=Triumph and Stirling Dynamics Enter into Memorandum of Understanding }}</ref>
In December 2023, Triumph announced the sale of its Product Support business to AAR Corporation for $725 million. <ref>{{cite web | url=https://www.prnewswire.com/news-releases/triumph-announces-sale-of-product-support-business-to-aar-302020960.html | title=Triumph Announces Sale of Product Support Business to AAR }}</ref>
In February 2025, private equity firms Warburg Pincus and Berkshire Partners agreed to take Triumph Group private for approximately $3 billion, or $26 per share.<ref>{{Cite news |last=Valle |first=Sabrina |date=February 3, 2024 |title=Aero parts maker Triumph to go private in $3 billion deal |url=https://www.reuters.com/markets/deals/warburg-berkshire-partners-near-3-bln-deal-triumph-bloomberg-news-reports-2025-02-03/ |publisher=Reuters}}</ref> This acquisition was completed in July 2025.<ref name = 'acquisition'>{{cite web |url= https://www.prnewswire.com/news-releases/warburg-pincus-and-berkshire-partners-complete-acquisition-of-triumph-302513536.html |title= Warburg Pincus and Berkshire Partners Complete Acquisition of TRIUMPH |access-date= Jul 29, 2025 |date=Jul 24, 2025|work=PR Newswire}}</ref>
==Business units==
Triumph Group has three business units:<ref name="Triumph Group">{{cite web|url=http://www.triumphgroup.com/business-units/|title=Business Units – Triumph Group|website=www.triumphgroup.com|author = Triumph Group|access-date=25 February 2018}}</ref> *Triumph Actuation Products & Services *Triumph Geared Solutions *Triumph Interiors *Triumph Systems Electronics & Controls
Triumph Actuation Products & Services provides design, manufacturing and MRO services for products and systems that include hydraulic pumps and motors, actuators, fuses, accumulators, valves and manifolds, and carrier launched aircraft holdback bars. APS also provides design, manufacturing, and support solutions for highly engineered mechanical and electromechanical controls and components. APS maintains capability for systems engineering and integration, as well as hydromechanical and electronics in-house development. APS serves as the integration focal for TRIUMPH, specializing in motion, control and power systems for commercial, military and rotorcraft aircraft.
Triumph Geared Solutions is the independent supplier for the design and manufacture of commercial & defense aerospace gearing components and integrated gearboxes for fixed wing, rotorcraft, aircraft engine and ground vehicle applications. Additionally, GS provides aftermarket spares and repair/overhaul support for these parts. GS collaborates with customers to provide capabilities including design, engineering and manufacturing of complex mechanical assemblies and build-to-print for highly specialized applications.
Triumph Interiors specializes in thermo-acoustic insulation systems, air distribution ducting systems, floor systems, thermoplastic interior assemblies with facilities located around the globe.
Triumph Systems Electronics & Controls specializes in design, development, certification, manufacture and repair of fuel pumps, fuel metering units, fuel controls and electronic engine control systems for helicopters and fixed-wing aircraft servicing military, commercial, regional and business jet market sectors.
==References== {{Reflist|30em}}
==External links== * {{Official website|http://www.triumphgroup.com/}} {{Philadelphia Corporations}} {{Authority control}} Category:1993 establishments in Pennsylvania Category:Aerospace companies of the United States Category:Companies based in Philadelphia Category:Companies listed on the New York Stock Exchange Category:Defense companies of the United States Category:Multinational companies headquartered in the United States Category:Manufacturing companies based in Pennsylvania Category:Manufacturing companies established in 1993 Category:2025 mergers and acquisitions Category:Vought