3 April 2014
Air Industries Group (NYSE: AIRI) said it has acquired 100 percent of the stock and the business of Woodbine Products, Inc. of Deer Park, Long Island, New York.
Woodbine is a long established Long Island based manufacturer of aerospace components whose customers include major aircraft component suppliers. Woodbine specializes in welded and brazed chassis structures housing electronics in aircraft. Woodbine´s products and customers are very complementary to those of Decimal Industries which Air Industries acquired in July 2013. Woodbine will become part of Air Industries´ subsidiary, Welding Metallurgy, Inc.
The two principals of Woodbine will assist Air Industries in the transition, and its factory in Deer Park has been leased until December 2014, at which time operations will be transferred to WMI´s facility in Hauppauge NY.
Separately, Air Industries announced that it has reached agreements in principle to acquire two other companies. One acquisition candidate is a fabricator of sheet metal components using drop hammer and hydro-forming machinery located in the Southwestern United States. The other acquisition target, located in New England, is a logistics company which aggregates products and assembles kits of equipment for the US Military and government.
Air Industries Group is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The company has over 50 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry.