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Air Industries Group Announces Agreement in Principle to Acquire Compac Development Corporation of Bay Shore, NY


Air Industries Group (Air Industries or the Company) announced today that it reached an agreement in principle to acquire Compac Development Corporation (Compac). The transaction is scheduled to close shortly.

Compac, ( located in Bay Shore, New York, specializes in the manufacture of RFI/EMI (Radio Frequency Interference - Electro-Magnetic Interference) shielded enclosures for electronic components. Compac will continue in its current location on Long Island which is within one mile of Air Industries' Complex Machining business segment and within twenty minutes of its Aerostructures and Electronics business segment.

Compac offers an extremely versatile line of off-the-shelf shielded enclosures from which it produces customized standard product lines, as well as fully customized enclosures designed to meet a customer's specifications. Compac also offers a broad selection of RF accessories, including gaskets, coaxial attenuators, coaxial terminations, filter feed-thrus, connectors and mounting bars.

One of the goals of Air Industries' acquisition strategy is to have each transaction add manufacturing expertise and broaden our product lines. Within our Aerostructures and Electronics segment Compac will complement the products of Decimal Industries -- acquired in July 2013 -- and Woodbine Products -- acquired in April 2014. The addition of Compac expands their product lines into shielded enclosures. Miller Stuart -- acquired in December 2013 -- produces wiring harnesses and other electronics cabling. In collaboration with Miller Stuart, Compac can expand its capabilities and offerings to its customers to include shielded enclosures complete with cabling.

Mr. Daniel R. Godin, CEO of Air Industries Group, commented: "This is more than a financially accretive acquisition; we are excited about what Compac's capabilities bring to our Aerostructures and Electronics segment. Together, we are going to be able to give existing and new customers more of the bundled solutions they want."


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