LTV Corporation (fka LTVCQ)

[ohlaws]

Mar 23, 2010 (Fort Worth Star-Telegram - McClatchy-Tribune Information Services via COMTEX) --
Vought Aircraft Industries, the Dallas-based company that manufactures large aircraft components and parts, is being sold by its owner, the Carlyle Group, to the Triumph Group of Wayne, Pa. which also is an aircraft parts and components supplier.

In a press release issued today, Triumph said the merger will create "a company with industry-leading breadth of product and capabilities." Vought, which itself dates back to the Vought Aircraft Co. and later LTV Corp., will operate as Triumph Aerostructures -Vought Aircraft Division.

The deal is for $1,44 billion, including paying off Vought debt. Carlyle, the prominent investment group based in Washington D.C., will received about $525 million cash and will own 31 percent of Triumph stock after the merger.the deal is expected to consummated in July.

Vought has about 4,000 employees at its Dallas and Grand Prairie facilities, where it builds major structures for the Boeing C-17 cargo plane, V-22 Osprey, and Boeing jetliners.