Pennsylvania-based aerospace components manufacturer Triumph Composite Systems Inc. revealed its interior business is no longer for sale. The division comprises of seven manufacturing facilities worldwide, including one in Mexicali, Baja California.
According to The Spokane Journal of Business, which cited as source an internal memo, the company opened a nine-month period to look for a potential buyer, but couldn’t find a significant offer.
“After much consideration and revaluation of the Triumph Group portfolio and growth strategy moving forward, the interiors business—including Spokane, Taylorsville (N.C.), Tempe (Ariz.), Mexicali (Mexico), Calexico (Calif.), Hamburg (Germany), Saint-Nazaire (France) and Toulouse (France)—will remain a part of Triumph Group and the company will no longer actively pursue a sale of the business,” says the memo from Tim Stevens, president of Triumph’s interiors business.
“While there was strong interest in the business, no buyer emerged who we believed would fully invest in and grow the business unlocking its full potential,” the document adds.
Stevens says Triumph has reconsidered its strategic portfolio, and now it plans to improve efficiency, performance, and quality throughout the business in order to lower product costs and remain competitive.
The Mexicali plant, originally founded in 1978, provides insulation blankets for both Airbus and Boeing. Given the expansion of its customer base the company moved to a larger facility in 1998.
Triumph also operates a manufacturing facility in Zacatecas, which wasn’t include in the sale proposal. The plant supplies rough/finish machining of gears, actuators and structural components, as well as assembly fabrication and non-structural composites to customers. The production site started operations in 2010.