Air Industries Group Receives Two Strategically Important New Contracts from New Customers
January 23 2024 - 8:30AM
Business Wire
Air Industries Group (the Company) (NYSE American: AIRI),
an integrated Tier 1 manufacturer of precision assemblies and
components for mission-critical aerospace and defense applications,
and a prime contractor to the U.S. Department of Defense, today
announced that it has received two separate strategically important
contracts, both from new customers.
Air Industries has received an initial order for structural
engine nacelle components for the new CH-53K Heavy Lift Helicopter.
This initial order is for just under $1 million, but is the first
release against an anticipated 5-year order expected to be in
excess of $12 million.
Separately, Air Industries has received an order from a major
landing gear manufacturer for actuator subassemblies on a
developmental aircraft. This initial order is modest at
approximately $1 million, but this award concludes what has been a
multi-year effort to establish a relationship with this large and
important customer. When the program enters the production phase,
the anticipated order value increases exponentially.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “These
awards are very satisfying and result from our increased investment
and efforts in business development. Air Industries is focused on
increasing its workshare on the Sikorsky CH-53K. This new contract
from a new customer furthers that goal.
“The second contract is also from a new customer and is
significant to Air Industries, as it represents an important first
step from a large OEM in establishing a relationship that will grow
materially. The order is for a developmental aircraft. Producing
new, prototype product requires a high level of expertise, and
considerable concurrent engineering skill. It is a tribute to Air
Industries that this World Class OEM has placed its trust in us. We
anticipate additional substantial orders in the coming months.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is an integrated
manufacturer of precision assemblies and components for leading
aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft
Original Equipment Manufacturers, a Tier 2 subcontractor to major
Tier 1 manufacturers, and a Prime Contractor to the U.S. Department
of Defense, and is highly regarded for its expertise in designing
and manufacturing parts and assemblies that are vital for flight
safety and performance.
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/20240123679039/en/
Air Industries Group Investor Relations Michael Recca
631.328.7079 ir@airindustriesgroup.com
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