Triumph Group said Monday it closed on its agreement with Spirit AeroSystems to take over Spirit’s Gulfstream wing work in Tulsa.
Triumph said in a news release it received $160 million in cash and other assets from Spirit to run the Gulfstream G650 and G280 wing programs.
The deal was effective Dec. 30, Triumph said.
According to a Securities and Exchange Commission filing in December, Triumph also is obligated to make offers to hire substantially all of the Spirit employees who work on the Gulfstream programs.
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Spirit had been looking for someone to acquire its Oklahoma facilities and operations for more than a year. But in December, Spirit CEO Larry Lawson said the company was taking “a pause” in the process of evaluating its other work in Tulsa and McAlester.
Spirit spokesman Jarrod Bartlett said Monday that the McAlester site “is really unchanged” by Triumph’s closing on the Gulfstream work.
And, he said, Spirit continues to perform work on Boeing programs in Tulsa.
“We’ll still have a significant presence there,” Bartlett said.
The Gulfstream work is expected to add $250 million in annual revenue to Berwyn, Pa.-based Triumph.
The Gulfstream programs will operate as Triumph Aerostructures-Vought Aircraft Division-Tulsa, under Triumph Aerostructures.