Wednesday, June 16, 2010

Triumph Closes on Carlyle's Vought Aircraft

RTT reported:

Aircraft components maker Triumph Group, Inc. (TGI), Wednesday announced the completion of its acquisition of Vought Aircraft Industries, Inc. from The Carlyle Group. The company also expects the acquisition to be accretive to its fiscal year 2011 earnings by $1.10 per share, excluding transaction and integration expenses and expected synergies.

In addition, the company expects to generate annual recurring synergies of approximately $12 to $15 million within the first twelve to eighteen months.

That should generate funding to reimburse the State of Texas for reneging on Vought's employment promises. Unless the Carlyle Group made good prior to deal closing? Highly doubtful.