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TGI

Triumph Group

$4.72 /

-0.115 (-2.38%)

09:29
03/24/20
03/24
09:29
03/24/20
09:29

Triumph Group announces measures including elimination of 250 positions

Triumph Group provided an update on the current impact of the coronavirus, or COVID-19, on the business and the steps the Company is taking to mitigate it. The Company is expanding its actions to limit the spread of COVID-19 consistent with U.S. and international government safeguards. Although the situation remains fluid, all factories remain operational. Triumph is complying with all mandates for closure of non-essential operations. Given Boeing's plans to close their Washington state factories for 14 days, Triumph will evaluate the need to furlough employees at a subset of Triumph plants where capacity is largely dedicated to Boeing Commercial Aircraft programs. Regarding the Company's plans to respond to the COVID-19 crisis, and to conserve cash and maintain long-term competitiveness, the following actions are underway: approximately 250 full-time salaried employee and 250 contractor positions will be eliminated. Severance will be paid to impacted employees consistent with existing policies. These reductions are expected to be completed by May 1. The Company will implement furloughs for certain salaried employees of two weeks over fiscal 2021 to minimize reductions in force. Additional furloughs may be required based on site closures or reductions in customer demand for Triumph's products and services. Base salaries and wages for hourly and most salaried employees will be maintained. Medical benefits will continue during furloughs. Triumph will suspend merit pay increases for all team members until the crisis has passed while forgoing management increases for one year. Senior executives, including the CEO and direct reports, will forgo 10% of their base salaries starting April 1 during the crisis. Triumph's Board of Directors has elected to reduce their cash compensation during the crisis by 25%. The Board will continue to adjust executive and Director compensation as the situation warrants.

TGI Triumph Group
$4.72 /

-0.115 (-2.38%)

03/20/20 BofA
BofA double downgrades Triumph, slashes price target amid COVID-19 impact
03/20/20 BofA
Triumph Group downgraded to Underperform from Buy at BofA
03/11/20 Goldman Sachs
Goldman cuts targets across Aerospace coverage for COVID-19 impact
08/23/19
Fly Intel: Top five analyst downgrades

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