French aerospace firm Daher Aerospace has entered an agreement to purchase the Stuart Florida aerostructures business from Triumph Group.
Under the agreement, Daher will take over the Stuart site and its employees.
Located on the southeast coast of Florida, the business employs approximately 400 people and focuses on the assembly of large, complex metallic structures such as wing and fuselage assemblies.
The financial terms of the transaction have not been disclosed by the companies.
The acquisition will strengthen Daher’s offerings of structural assemblies and sub-assemblies.
Daher CEO Didier Kayat said: “This acquisition is perfectly aligned with Daher’s ‘Succeed Together’ strategic plan, including the goal of significantly developing our North American activities across all of the company’s divisions.
“With this acquisition, we strive to strengthen our industrial business. This significant transaction enables us to position ourselves globally as a key aerospace player.”
For Triumph, the divesture is in line with its ongoing transformation efforts to improve shareholder value, and to focus on long-term success.
The company has already divested 16 non-core businesses since 2016.
The deal is subject to customary closing conditions, and is expected to close in the first half of the year.
Asset management firm Lazard served as the exclusive financial adviser to Triumph.
Triumph chairman, president and chief executive officer Daniel Crowley said: “We are excited to partner with Daher, who will benefit from the Stuart site’s experienced workforce, significant capabilities, and strong customer relationships.”
Last year, Bell Textron revealed that it had selected Triumph to supply hydraulic components for the Bell 360 Invictus aircraft.