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Air Industries Group Inc Announces Acquisition


Monday, 1 Jul 2013 03:15pm EDT 

Air Industries Group Inc announced that it has acquired certain assets and the business of Decimal Industries (Decimal) of Copiague, Long Island, New York. Decimal is a long established Long Island based manufacturer of aerospace components whose customers include major aircraft component suppliers. Decimal specializes in aerostructure products including welded and brazed chassis structures housing electronics, radars, and avionics in aircraft. Decimal's business will become a division of the Company's Welding Metallurgy, Inc (WMI) subsidiary. The two principals of Decimal will join Air Industries to aid in the transition. Decimal's current facility has been leased for one year. It is anticipated that the Decimal operations will be relocated to the Company's facility in Hauppauge, New York. As part of the Decimal acquisition Air Industries also agreed with PNC Bank to restate and amend its loan agreement. This amendment reduces the interest charged by PNC on both the Revolving Credit Line and Term Loan. 

Company Quote

9.98
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23 Dec 2014