Friday, August 2,
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
Furst Aircraft and Instrument will continue to operate under the
Furst name and will become part of the Triumph Group's Aftermarket
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.
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.