By Stephen Nakrosis

Shares of Triumph Group Inc. are moving higher on the New York Stock Exchange Wednesday, as the company said it is reducing its number of aerospace structures sites and cutting staffing as a result of its "comprehensive de-risking actions."

At 1:54 p.m. EDT, the company's shares had gained 27.64% to trade at $7.99. Volume topped 3 million shares, above the 65-day average volume of some 1.5 million.

Triumph said it had agreed in principle to sell its G650/G700 wing business to Gulfstream, secured purchase orders from Boeing Commercial Airplanes across multiple programs and reached an agreement with Israel Aviation Industries "to accelerate transfer of the G280 wing program to IAI and Korean Aerospace Industries."

Taken together, the company's comprehensive de-risking actions will reduce the number of Aerospace Structures sites from 34 to 9, reduce occupied space by 4.4 million square feet, and reduce staffing levels by over 4,000 employees.

Triumph makes and repairs systems for the defense and aerospace industries.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 27, 2020 14:25 ET (18:25 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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