28-Oct-2022 Source: Air Industries Group
Air Industries Group (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 been awarded a new Long-Term Agreement.
Air Industries has been awarded a five-year Long-Term Agreement (LTA) to manufacture a “quadrant,” a complex assembly that controls the gearbox for the tail-rotor of the Blackhawk Helicopter. The LTA has an estimated value of $2.2 million. An immediate purchase order for $500,000 accompanied the award of the LTA.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “Air Industries is proud of our support of the Blackhawk Helicopter for many, many years. Since January we have received twelve new Long-Term Agreements for Blackhawk product with an estimated value of over $30 million. These Blackhawk LTAs were expected as many of our prior agreements expired in December of last year.
“Strategically, we continue to diversify our product offering to better position the Company. We have also recently experienced a significant increase in new business opportunities for both aerospace and non-aerospace components, and are extremely excited about the recent orders for nuclear submarine work. I am happy to report that we have received our first three orders for submarine product from new clients. While the total value is not substantial, it is a start. We intend to diligently pursue and capitalize on these opportunities.”