Air Industries Group Announces Appointment of Lou Melluzzo as President of the Company, Peter Rettaliata to remain as Acting ...
August 29 2017 - 8:30AM
Air Industries Group (NYSE:AIRI) (“Air Industries” or the
“Company”), an integrated manufacturer of precision equipment
assemblies and components for leading aerospace and defense prime
contractors, announces that Mr. Luciano (Lou) Melluzzo has been
appointed President of Air Industries Group.
Mr. Melluzzo, has over 30 years of aerospace
machining experience, and was Chief Operating Officer and Chief of
Business Development at EDAC Technologies. He joined EDAC in
November 2003 at which time EDAC’s revenues were approximately $26
million; down from approximately $45 million just two years
earlier. Eight years later in 2011, as a result of strong organic
growth and several acquisitions, EDAC's revenue had increased
three-fold to over $86 million. In addition to his other
duties, Mr. Melluzzo was responsible for integrating the acquired
companies into EDAC, frequently having to consolidate the
operations into existing EDAC facilities.
During Mr. Melluzzo's tenure, the market
capitalization of EDAC increased by approximately 789% from just
$4.5 million in November 2003 to $36.1 million in September
2011.
Mr. Peter Rettaliata, who took on the role of
President and CEO in March with Mr. Daniel Godin's departure, will
remain Acting CEO.
Mr. Michael Taglich, Chairman of the Board of
Air Industries commented: “Since March, we have spent considerable
time on searching for the right leadership. In Lou we believe we
have found the candidate with the exact experience in integrating
acquisitions, driving organic growth and consolidating facilities
that we were looking for. We are confident that Lou will be
invaluable helping us to improve our operational execution and
enhancing our profitability.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated
manufacturer of precision equipment assemblies and components for
leading aerospace and defense prime contractors. Air Industries
operates in three segments: Complex Machining of aircraft landing
gear and flight controls, Aerostructures & Electronics, and
Turbine & Engine products.
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 firm backlog and projected backlog, cost cutting measures,
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 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.
Contact Information
Air Industries Group
631.881.4913
ir@airindustriesgroup.com
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