Triumph Group (NYSE:TGI) announced today that its Triumph Aviation Services-Asia Ltd. (TASA) business was awarded a contract by a Turkish airline to provide aircraft wheel maintenance and repair services for 25 aircraft in its Boeing fleet. TASA is a subsidiary of Triumph Systems & Support located in Chonburi, Thailand.
Shares of Triumph Group (NYSE: TGI) surged 13% higher on Friday on rumors the aerospace supplier could be a takeover target. CEO Daniel J. Crowley was hired in 2016 with a plan to simply operations, shed underperforming units, and improve profitability. Investors on Friday got excited by reports that Triumph has done enough to get it on the radar of potential suitors.
Triumph Group (TGI) saw a big move last session, as its shares jumped nearly 8% on the day, amid huge volumes.