Air Industries Group (“Air Industries”) (NYSE American: AIRI), a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors, today announced that it has received two contracts worth approximately $1.5 million for landing gear components for both the US Air Force B1-B Lancer bomber and the F-16 Fighting Falcon.
Lou Melluzzo, Chief Executive Officer of Air Industries Group commented: “The market for supplying products used in maintenance, repair, and overhaul of aircraft is very large. According to the Congressional Research Service, a unit of the US Government, the US Military budget for Operations & Maintenance (O&M) is approximately 185%, or nearly twice the size, of the budget for Procurement of new products. The Pentagon’s budget request for fiscal year 2025, requests a 3.5% increase in O&M compared to a 2.2% decrease in Procurement.
“Our reenergized business development activities are focused on this large market. These two contracts, while individually modest are important evidence of the growing success of our efforts.”
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