BERWYN, Pa., May 26, 2020 /PRNewswire/ -- Triumph Group, Inc. (NYSE: TGI) ("Triumph" or the "Company") today provided an update on the current impact of the coronavirus (COVID-19) on the business and the steps the Company is taking to mitigate it.
The Company also reported on further safeguards made available to its sites as follows:
To align capacity with short- and medium-term customer demand, conserve cash and maintain long-term competitiveness, the following actions are underway:
These actions preserve Triumph's liquidity allowing Triumph to continue to support its customers' anticipated rates of production. Further workforce adjustments may be required based on site closures or changes in demand for Triumph's products and services. As of March 31, 2020, Triumph had over $550.0 million in cash and availability under its revolving credit agreement to support its working capital requirements.
Daniel J. Crowley, President and CEO of Triumph Group, commented, "Our workforce's strong response to the COVID-19 crisis has minimized employee risks and customer impacts. We are increasing our safeguards to protect our people and ensure that any new infection cases are addressed quickly. Customer demand is firming up and we have secured orders to sustain economic production levels. We look forward to returning all employees to work consistent with state and local timelines."
About Triumph
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. More information about Triumph can be found on the Company's website at www.triumphgroup.com.
Forward Looking Statements
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations of or assumptions about our financial results for fiscal year 2020, and our ability to achieve cost savings and the benefits of our operational efficiency initiatives. All forward-looking statements involve risks and uncertainties which could affect the Company's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group's reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2019. The Company undertakes no obligation to update any such forward-looking statement.
Widespread health developments, including the recent global coronavirus (COVID-19), and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities) could adversely and materially affect, among other things, the economic and financial markets and labor resources of the countries in which we operate, our manufacturing and supply chain operations, commercial operations and sales force, administrative personnel, third-party service providers, business partners and customers and the demand for our products, which could result in a material adverse effect on our business, financial conditions and results of operations.
SOURCE Triumph Group
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