Triumph Group, Inc. TGI, a Pennsylvania-based aerospace and defense supplier with operations in Wichita, is streamlining its business units from six to four to reduce costs and better support its “go-to-market strategies.”Daniel J. Crowley, Triumph Group’s President and Chief Executive Officer said that the company is entering into a new chapter where “The success of our transformation begins with the important step of aligning with our core markets and operating as One Triumph Team to leverage our scale and create efficiencies.” The company however provided no details of cost savings.The four units are Integrated Systems, Aerospace Structures, Precision Components and Product Support. Triumph Group’s restructuring including the reporting of financial results will be effective from fiscal 2017. The plans come approximately four months after Crowley was hired as the company’s new chief executive.Further, the company said that Michael Perhay, Corporate Vice President-Systems & Fabrications, has retired after more than 13 years of service. The operating companies formerly in the Systems & Fabrications group have been aligned into the new organizational structure.In order to supervise the transformation efforts, the company has formed Transformation Delivery Office or TDO, which will be entitled to oversee and implement critical projects required to achieve breakthrough value and attain full potential results. The TDO will implement the ‘One Triumph’ strategy and Triumph Operating System.We remind investors that Triumph Group’s third-quarter fiscal 2016 earnings declined 2.1% year over year. Revenues also dipped 0.4% year over year due to lower sales at the Aerostructure and Aftermarket segments. The company even lowered its fiscal 2016 revenue guidance.However, Triumph Group follows a systematic organic and inorganic growth strategy to expand its scale of operations. The new strategic plan also looks good and is likely to boost its operating pace entering fiscal 2017.Zacks RankCurrently, Triumph Group carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the aerospace/defense equipment industry include HEICO Corporation HEI, Rockwell Collins Inc. COL and Spirit AeroSystems Holdings, Inc. SPR, all sporting a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ROCKWELL COLLIN (COL): Free Stock Analysis Report TRIUMPH GRP INC (TGI): Free Stock Analysis Report SPIRIT AEROSYS (SPR): Free Stock Analysis Report HEICO CORP (HEI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research