Air Industries Group Announces New $6.0+ Million, Life of the Program, Long-Term Agreement for PW-4000 Jet Turbine Exhaust Cases
January 06 2022 - 8:30AM
Business Wire
Air Industries Group (NYSE American: AIRI):
Air Industries Group (“Air Industries” or the “Company”), an
integrated manufacturer of precision assemblies and components for
leading aerospace and defense prime contractors, is pleased to
announce that its Sterling Engineering subsidiary has been awarded
a “Life of the Program Extension” of a Long-Term Agreement (LTA) to
deliver Turbine Exhaust Case (TEC) components for the PW-4000 jet
engine used on many Airbus and Boeing commercial aircraft,
including the A-330 and Boeing 777. It is anticipated that this
contract extension will generate revenue in excess of $6 million
over its remaining term.
Turbine Exhaust Cases are highly engineered critical components
of jet engines. The TEC for the PW-4000 is five feet in diameter.
Sterling Engineering has been producing this component for the
PW-4000 jet engine for over ten years.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “One of the
key corporate objectives at Sterling Engineering is to transition a
larger percentage of the product mix into long term agreements.
Extending this Exhaust Case component for the “life of the program”
confirms our customer’s confidence that we can produce it
competitively and meet their delivery requirements. This award,
together with the LTA for the CH-53K helicopter that we announced
on October 13th of last year, furthers our progress with the
transition of Sterling Engineering’s business.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is a Tier 1 or 2 integrated
manufacturer of complex precision assemblies and components for
leading aerospace and defense prime contractors and original
equipment manufacturers. Additional information about the Company
can be found in its filings with the SEC.
Forward Looking Statements
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, future revenues,
earnings and Adjusted EBITDA, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220106005149/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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