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Friday, August 2, 2002 For Immediate Release RELIANCE AEROTECH ANNOUNCES SALE OF FURST AIRCRAFT AND INSTRUMENT TO THE TRIUMPH GROUP Teterboro, NJ – Reliance Aerotech Inc. today announced that
Triumph Group, Inc. has acquired Furst Aircraft and Instrument, a
wholly owned subsidiary of Reliance Aerotech. Furst Aircraft and
Instrument is widely regarded as one of North America's premier instrument
repair and overhaul facilities that also purchases and sells excess
inventories. In making the announcement, Glynn Williams, Chairman and Chief Executive Officer of Reliance Aerotech Inc. stated, "We are delighted to have a leading aviation company with the expertise and range of services of the Triumph Group acquire our Furst operation. We believe this sale continues to demonstrate TeamReliance's strength in creating value for our customers, employees and shareholders." Reliance Aerotech, through its aviation services management consulting and merchant banking practice in Toronto, Canada, leverages its corporate finance, strategy, marketing and communications expertise to create value in niche markets within the aviation industry. The Team Reliance group currently operates Reliance Aerotech Services Inc., an aviation personnel services organization in Nashville, Tennessee. The sale of Furst Aircraft and Instrument is Reliance Aerotech's third transaction with a major aviation corporation in just over a year. Triumph Group,
Inc. headquartered in Wayne, Pennsylvania, designs, engineers,
manufactures, repairs and overhauls aircraft components and industrial
gas turbine components and accessories. The Company serves a broad,
worldwide spectrum of the aviation industry, including commercial
airlines and air cargo carriers, as well as original equipment manufacturers
of aircraft and aircraft components and power generation equipment.
The Company also distributes, processes and fabricates metal products. |
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