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 inventories.
Furst Aircraft and Instrument will continue to operate under the Furst name and will become part of the Triumph Group’s Aftermarket Services Group.
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.
Triumph Group, 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.
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