Air Industries Group (NYSE MKT: AIRI) ("Air Industries" or "the Company") announced today that it has been awarded another multi-year contract by UTC Aerospace Systems - Aerostructures to provide nacelle thrust struts in support of its requirements for the Mitsubishi Regional Jet.
The contract is valued at $11 million with projected deliveries over six years, and will run concurrently with another recently announced award for similar thrust struts. These thrust struts will be used in the nacelle system for the new Pratt & Whitney PurePower PW1200G geared turbofan engine, with deliveries scheduled to begin in mid-2014. Designed and manufactured to leverage the latest in composite technology, the nacelle systems will directly contribute to the significant reductions in fuel burn, emissions, noise and operating costs that Pratt & Whitney's PurePower engines will provide compared with today's aircraft. UTC Aerospace Systems is a unit of United Technologies Corp. (NYSE: UTX).
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries, commented: "This contract award is the culmination of a significant effort, first realized in mid-October with the initial UTC Aerospace Systems - Aerostructures award to Air Industries of similar thrust struts, to position the Company in the growing commercial aerospace market. We are justifiably proud of the confidence UTC Aerospace Systems has shown in Air Industries by providing this award, and we continue to build our relationship with one of the premier manufacturers of integrated nacelle systems in the world."
Source: Air Industries Group
Date: Dec 2, 2013