SOURCE: Air Industries Group

Air Industries Group

February 02, 2015 08:30 ET

Air Industries Group Announces Agreement in Principle to Acquire New England Based Aero-Engine Component Manufacturer

BAY SHORE, NY--(Marketwired - Feb 2, 2015) - Air Industries Group (NYSE MKT: AIRI) (Air Industries or the Company) announced today that it has reached an agreement in principle to acquire 100% of the stock and the business of a jet turbine component manufacturer based in New England.

The target company is a long established manufacturer of aerospace components for aircraft and land-based jet turbines. Its components are used in Pratt & Whitney, General Electric and Siemens jet turbine engines.

The transaction, scheduled to close in February, is subject to the affirmative vote of the shareholders of the target company and other conditions. The assets to be acquired include a 75,000 square foot manufacturing facility. Management and employees will be retained, and it is anticipated that the company will be operated as a separate subsidiary of Air Industries Group.

Mr. Daniel Godin, Chief Executive Officer of Air Industries, commented: "This acquisition, together with AMK which was purchased last October, further expands Air Industries into the jet engine component business. This segment is forecasted to enjoy rapid growth as next generation engines are introduced. We are especially pleased that the long serving and highly experienced senior management team has agreed to stay with the business. This acquisition again, together with AMK, expands our presence in the Commercial Aerospace market. Our goal in this transaction, as with all of our transactions, is to provide the financial, marketing and technical support to accelerate the organic growth of the acquired business."

For additional information, please call 631.881.4913 or by email to:


Air Industries Group (NYSE MKT: AIRI) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 50 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services.

Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, the ability to realize projected EBITDA, firm backlog and projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the ability to consummate contemplated acquisitions, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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