Triumph Group (NYSE: TGI) has agreed to sell its product support business for $725 million, cash that will immediately boost the struggling aerospace company's balance sheet. Investors are excited about the development, sending Triumph shares up more than 30% as of 1 pm ET Thursday.

Triumph is a collection of aerospace businesses that has struggled in recent years. The shares have lost about 80% of their value over the past decade due to poorly timed deals that saddled the company with money-losing businesses and a high debt load.

The company has been slowly trying to reshape its portfolio, selling off unprofitable businesses and restructuring those it wants to keep. On Thursday, Triumph announced plans to sell its product support business to AAR (NYSE: AIR) for $725 million.

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Source Fool.com