Triumph Group said Monday it signed a new memorandum of agreement with Boeing (BA) that supports the company’s participation in Boeing’s growth platforms within their commercial aircraft, defense programs, and global services market. Shares of Triump climbed more than 4% intraday. This expands Triumph’s traditional roles in aerospace structures and precision components into the areas of integrated systems and services, it said in a statement.
Under the agreement, the companies will identify new areas where each of Triumph’s four business units can add value on Boeing’s commercial and military aircraft programs. “We look forward to expanding our collaboration to increase productivity, reduce cost and enhance the value of Boeing products and services,” said Boeing Partnering for Success leader Karl Jeppesen.