Triumph Group (NYSE: TGI) now holds a new asset following a deal inked with Precision Castparts (NYSE: PCP). Triumph has acquired Primus Composites from its counterpart. The terms of the deal were not disclosed.

In its press release announcing the acquisition, Triumph Group described Primus Composites as a "global supplier of composite and metallic propulsion and structural composite components and assemblies." It has two factories, one in the U.K. and one in Thailand. These operations will now be known as Triumph Structures-Farnborough and Trumph Structures-Thailand, respectively.

Triumph expects that Primus Composites will contribute around $55 million in revenue annually and be "immediately accretive" to earnings.