Air Industries Group Announces Acquisition of Machinery and Inventory to Produce Landing Gear for the Sikorsky Blackhawk UH-60 and Boeing Chinook CH-47 Helicopters

Air Industries announced today that it reached an agreement to acquire certain assets used to produce landing gear and landing gear components for the Sikorsky UH-60 Black Hawk and the Boeing CH -47 Chinook helicopters. The machining and assembly assets purchased were those used to produce landing gear components for both platforms. The inventory purchased included raw material (forgings), major components, and finished goods. The machining center and tooling purchased will be delivered fully programmed and operationally ready for the production of landing gear drag beams for the Black Hawk helicopter significantly minimizing the barriers to entry into these markets. These assets represent substantially all of the assets used by the seller for this product line. Air Industries expects that the acquisition of these assets at attractive prices will be immediately accretive to earnings. Mr. Daniel Godin, President & CEO of Air Industries, commented: "This transaction is the acquisition of a new production line enabling Air Industries to quickly enter a number of markets without the normal barriers of developing tooling, engineering and the delays inherent in acquiring long-lead time raw materials. This acquisition puts Air Industries in a strong competitive position to win new business in both the OEM and after-market segments for landing gear and gear components on these airframes. With this purchase and other additional contract wins, Air Industries now produces complete landing gear or components for the F-15, F-16, F-18 US Fighter Aircraft, the E2-D Naval Reconnaissance aircraft, the Blackhawk UH-60, and the Chinook CH-47Helicopters as well as the C-130 and other aircraft." For additional information, please call 631.881.4913 or by email to: ir@airindustriesgroup.com