Wayne, Pa.-based Triumph Group today announced a deal to acquire Vought Aircraft Industries from The Carlyle Group for cash and stock consideration of $1.44 billion, including the retirement of Vought debt. Following the closing, expected to occur in July, Carlyle will own some 31 percent of the outstanding stock of Triumph. The purchase consideration to Vought shareholders includes some 7.5 million shares and $525 million in cash.
Former Lear Jet chief test pilot Henry “Hank” Beaird Jr. died February 2 at the age of 84. Beaird was a World War II aviator, flying fighters and transports for the U.S. Army Air Force. After a stint at Chance Vought, Beaird joined Lear Jet, where he made the first flights of the Lear 23, 24 and 25. He also made first flights on the Lear Fan and OMAC aircraft.
Production and maintenance workers at the former Vought plant in North Charleston, S.C., won approval today from the National Labor Relations Board (NLRB) to vote to remove the International Association of Machinists (IAM) as their collective bargaining representative.
Boeing announced today that it has agreed to acquire the business and operations conducted by Vought Aircraft Industries at its North Charleston, S.C. factory, where it builds the aft fuselage section for the 787 Dreamliner.
Boeing said the deal will accelerate productivity and efficiency within the 787 supply chain.
A nearly four-month-old strike at Vought Aircraft’s plant in Nashville ended last month with the ratification of a new contract by members of the International Association of Machinists and Aerospace workers. The settlement means Vought will not move ahead with its threat to hire permanent replacement workers and move Citation Columbus wing production from Nashville to Grand Prairie, Texas.
Vought Aircraft Industries planned to meet again tomorrow with leaders of the striking International Association of Machinists and Aerospace Workers Local 735 in Nashville, Tenn., in hopes of “a quick contract resolution” after threatening to use permanent replacement workers for the nearly 1,000 employees who walked out in September.
Curtiss-Wright Controls (CWC) (Stand No. R81) has agreed to supply the mechanical systems for the Boeing 787’s large cargo door under a contract with door supplier Saab Aerostructures. The deal reflects the U.S. company’s desire to expand its footprint in motion control systems for commercial aerospace.