AIRI Announces $3.1 M Award for the US Army M1A1 Abrams Main Battle Tank
Air Industries Group (NYSE MKT: AIRI), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, announced today that it will begin first deliveries of component kits under a contract totaling a $3.1 million awarded by the US Government, Defense Logistics Agency.
Eur-Pac, a wholly owned subsidiary of Air Industries Group and unit of its Aerostructures and Electronics segment, will supply 35 complete kits each containing 220 parts for the US Army. The first deliveries will commence in late September with the balance completed in the fourth quarter of 2016. This single contract represents more than 50% of the annual revenue of Eur-Pac.
"This is the first time we are supplying a kit of this magnitude and complexity. It is part of our growth strategy to expand our role in this segment of Government contracting. Many of the individual parts of this project are manufactured by other units of Air Industries, validating our strategy of leveraging our group of operating companies," said Dan Godin, President and CEO of Air Industries Group. "The award is also consistent with our diversification strategy supporting a ground-based military system, rather than our traditional aerospace or ground power platforms."
Source : Air Industries Group - view original press release