Aircraft maintenance provider AAR has acquired aerospace company Triumph Group’s aircraft maintenance and repair business for $725 million, marking another in a string divestitures by Triumph.
Pennsylvania-based Triumph sold AAR its Product Services business, which provides maintenance, repair and overhaul services for components on military and commercial aircraft, the companies say on 1 March.
“The completion of this acquisition scales AAR’s repair capabilities, expands our footprint in the [Asia-Pacific] region and enhances our ability to serve our global customers,” says AAR chief executive John Holmes.
AAR, based in Illinois, is taking on some 700 new employees as part of the acquisition, it adds.
The companies provide few other details about the business acquired by AAR. Triumph has said in regulatory documents that its Product Services division had operations in Arkansas, Kansas, Texas and Chonburi in Thailand.
The business generated sales of $289 million during Triumph’s fiscal year 2019, after which it stopped breaking out the segment’s financial results.
“This transaction enables Triumph to greatly accelerate our de-leveraging progress,” says Triumph chief executive Dan Crowley, adding that sale allows the company to focus more on aircraft component and spare parts sales.
Triumph has shed numerous aerostructures businesses in recent years.
It sold a Florida aerostructures business to French firm Daher in 2022. In May 2021, Triumph sold three aerostructures manufacturing sites to private equity company Arlington Capital Partners, which renamed that business Qarbon Aerospace.
Triumph had supplied wings for Gulfstream G650s until selling that business to Gulfstream in August 2020.
