Kongsberg Automotive (KA) will sell its Aviation Business for MEUR 20

Kongsberg Automotive (KA) has today, 27 February 2009, signed an agreement whereby Triumph Group Inc. acquires KA's Aviation segment. The business consists of cable control systems for military and civil aircrafts and is located in Basildon (UK) and Heiligenhaus (Germany). Triumph Group Inc. (NYSE: TGI), will be acquiring a Business of MEUR 9 of revenue and approx. 30 persons would transfer from Kongsberg Automotive to Triumph Group Inc. The Enterprise Value of the aviation business is agreed at MEUR 20. The transaction is expected to be consummated by the end of March 2009 when (i) the UK and German Aviation regulatory bodies have given their approvals, (ii) relevant customer consents have been obtained, (iii) the Aviation German employees transfer period is expired and (iv) the Transitional Service Agreements are agreed. All these conditions have to be fulfilled before the transaction can be effective. KOA's CEO, Olav Volldal stated the following; "We are very pleased with the transaction and especially that a well respected player such as Triumph Group is the acquirer of our aviation business. We believe that the Triumph Group will be able to utilize the full potential in this business making the company a stronger supplier of aerospace systems and components. KA has previously announced that it would divest from non-strategic activities and this transaction is a part of that strategy. Not only will the sale improve the cash-balance, it will also enable KA to have an even stronger focus on its core business segments in the automotive- and truck industry. Kongsberg Automotive is headquartered in Kongsberg, Norway and has approx. 50 facilities in 20 countries on all continents. Kongsberg Automotive, with over 8,000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. Find more information at www.kongsbergautomotive.com. For further information, please contact: Olav Volldal, CEO Ph: +47 32 77 05 00 / +47 982 14 014email: olav.volldal@ka-group.com Ronny Lie, Director, Corporate Communication Ph: +47 32 77 05 11 / +47 916 10 798 e-mail: ronny.lie@ka-group.com