Benzinga | Mar 31, 2021 01:07PM EDT

Triumph Group To Form Joint Venture With Air France Industries KLM Engineering & Maintenance

Triumph Group (NYSE:TGI) and Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) announced today they have signed a definitive agreement to form a joint venture to overhaul nacelles for next generation aircraft at Triumph's Hot Springs, Arkansas repair facility.

Building on their partnership announced in June 2019, Triumph Group and AFI KLM E&M will provide expanded 'new gen' nacelle maintenance, repair and overhaul (MRO) services for customers based in North and South America. The formation of this joint venture, subject to regulatory approval, represents the critical first phase of the parties' previously announced strategic collaboration to leverage their combined expertise and capabilities to provide seamless global MRO support to customers regardless of location. From operational issues to regular maintenance, the joint venture will benefit aircraft operators in the Americas by offering the combined experience of a global airline-MRO that operates and maintains 'new gen' aircraft with that of a trusted and established MRO service provider.

Johann Panier, SVP Business Development & Strategy AFI KLM E&M said, "We are delighted to enhance our partnership with Triumph Group, a world class company. This close collaboration will strengthen our global network of subsidiaries and joint ventures supporting operators worldwide and with such a partner, we are able to offer the best local services to airlines in the Americas."

"Together, Triumph Group and AFI KLM E&M will deliver world class service and value to our customers when they need it the most, while creating momentum for both companies as our industry recovers from the COVID-19 pandemic," said William Kircher, Executive Vice President for Triumph Systems & Support.