Triumph Group History

History

Since Triumph’s founding in 1993, its strategy of aggressive acquisition and consistent internal growth has earned the company a leadership role in aerospace design, engineering, manufacturing and maintenance.

Inheriting a Past

The history of many Triumph companies actually predates the creation of the Triumph Group itself. Many of our companies share a common ancestry that dates back to the formative years of today’s aerospace industry. As aircraft manufacturers and airlines were established throughout the United States, companies grew up around major aviation hubs to provide an array of goods and services. Among them were local specialty manufacturers who saw enormous potential in this rapidly growing industry.

Managing such a company demanded a special breed of entrepreneur. It required an investment in both the latest machinery and tools, and in the smart people required to run them. Outstanding customer service wasn’t a goal to which a company aspired; it was a prerequisite for doing business. Running such a company required the ability to seek out new business wherever it might be found, the tenacity to drive a hard bargain, and an instinct for efficiency that made frugality a basic fact of day-to-day business.

These basic entrepreneurial survival skills are present in the very core of all the companies that have joined Triumph through the years.

Triumph’s Early History

Triumph’s history began as part of the former Alco Standard Corporation, a classic conglomerate that consolidated networks of companies in a variety of industries – principally in wholesale distribution – from 1965 through the mid-1990s. Alco called itself a “Corporate Partnership,” in which Alco provided the advantages of a large corporation, while individual companies remained entrepreneurial and responsive to the needs of their local markets.

By the early 1990s, Alco Standard had acquired a core of aerospace and specialty manufacturing companies. This was to become the future Triumph Group.

An Independent Triumph Goes Public

In 1993, a group including management and other investors purchased the 13 companies in this group from Alco Standard in a leveraged buyout. Triumph Group became an independent company.

To achieve greater strategic focus, Triumph acquired additional aerospace companies, and non-aviation companies were divested. In 1996 Triumph Group completed an initial public offering and TGI stock was listed for the first time on the New York Stock Exchange. Over the next 15 years, aerospace revenues grew from $60 million in 1996 to $2.9 billion in fiscal 2011.

Acquisition and Growth

Since 1996, Triumph Group has completed more than 40 acquisitions - all in aerospace - expanding its breadth and depth in the industry. Significant early acquisitions included the purchase of Triumph Controls from Teleflex in 1995, Triumph Composite Systems from Boeing in 2002, and Triumph Thermal Systems from Parker Hannifin in2003. Each of these acquisitions increased Triumph’s management depth, added important product lines, and contributed to profitable growth.
 
A bold move came in 2010 when Triumph completed its largest acquisition ever. With the purchase of Vought Aircraft Industries, Triumph more than doubled revenues and catapulted into the ranks of the aerospace industry’s top-tier suppliers. The integration of Vought with Triumph created a leading “Tier One Capable” supplier that can compete successfully at any level of the aerospace supply chain.
 
With each acquisition, Triumph employs its unique decentralized management philosophy, focused on enhancing the efficiency and effectiveness of all the companies - increasing cash generation and profitability. All the companies share the Triumph name, and the Group’s combined capabilities are marketed under the banner “One name. Many solutions.”

International Expansion

While most of its companies are based in the United States, Triumph has evolved into a global corporation with a presence in Europe, Asia and Mexico. In 2007 Triumph opened a major new maintenance facility in Thailand, and in 2010 opened a new manufacturing facility in Zacatecas, Mexico. These operations allow Triumph to expand the services of its U.S.-based companies in closer proximity to the rapidly growing markets they serve.

Toward New Horizons

In less than two decades, Triumph has leveraged the combined resources and talents of 45 individual companies to emerge as a significant force in the aerospace industry. The foundation of our success - in the past and in the future - lies in our unique, entrepreneurial work culture, which focuses the talents of all of our people on meeting the needs of our customers and achieving profitable growth for our investors.

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