Benzinga | Oct 20, 2021 07:02AM EDT

Triumph, Air France Industries KLM Officially Form JV Named 'xCelle Americas'

* Triumph Group Inc (NYSE:TGI) and Air France KLM's (OTC:AFRAF) Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) finalized the formation of their joint venture under the name xCelle Americas.

* The venture overhauls nacelles for new generation aircraft at Triumph's Hot Springs, Arkansas repair facility.

* xCelle Americas will perform maintenance, repair, and overhaul (MRO) services for "new-gen" nacelles on Boeing Co (NYSE:BA) 787, Boeing 737MAX, Airbus SE (OTC:EADSF) A320neo, and Airbus A350 aircraft for operators in North and South America.

* The JV advances important strategic objectives for Triumph and AFI KLM E&M, expanding the reach of AFI KLM E&M's nacelle MRO capabilities and Boeing 787 license into the Americas and enabling Triumph to be positioned on new-gen nacelles business.

* With this JV, Triumph and AFI KLM E&M attain the first step in their strategic partnership and ambition to provide local support to airlines.

* Price Action: TGI shares closed lower by 0.60% at $19.78 on Tuesday.