TULSA, Oklahoma - Spirit AeroSystems announced Tuesday it has reached an agreement to transfer its Gulfstream wing work in Tulsa to the Triumph Group. 

The two companies say the transfer includes both the G650 and G280 wing programs.

In a letter to the Local 952 chapter of the United Aerospace Workers union, Spirit said the transfer could affect 501 employees. The letter states Spirit expects the "separations" to be permanent, but some employees will be offered positions with Triumph. 

Spirit says it expects the separations to be completed on or about February 6, 2015.

Under the terms of the agreement, Triumph will receive $160 million in cash plus assets required to run the business from Spirit to cover the anticipated future cash flow needs of the programs, with no additional capital contributions expected by Triumph, according to a news release.

Triumph expects the deal to become cash flow positive in year four. 

"The Triumph Group emerged as the preferred owner of the Gulfstream wing programs following a rigorous bid process, and the deal offers compelling positives for both companies," said Spirit AeroSystems President & CEO Larry Lawson. "We thoroughly evaluated all of our options and made the best decision for the company, our people and our customers.

"This transfer continues Spirit's transformation and allows us to further focus on our core markets of aerostructures for commercial and defense aircraft. We wish Triumph great success, and we are working closely with them to make this transition smooth for Gulfstream, the employees and the Tulsa community."

Officials say about a thousand Spirit AeroSystem employees who are currently working on the Gulfstream programs will be offered positions with Triumph. 

Triumph says it will continue to produce the Gulfstream wings in Tulsa with support of existing technical and operational resources.