Air Industries Group announces long-term contracts

Air Industries Group, an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors is pleased to announce that it has received major new contract awards.

The new contracts total $18.2 million, and potential follow-on orders, an additional $13.7 million.

Air Industries Machining Corporation, a unit of our Complex Machining Sector, received firm orders totaling approximately $11.9 million, including:

- An award of approximately $3.0 million for F-35 Joint Strike Fighter landing gear components, with deliveries beginning next year and continuing through 2021.

- An award of approximately $8.9 million for complete landing gear for the E2-D Hawkeye with deliveries beginning in 2021. The company has also been awarded exclusivity for an additional three years (2023 to 2025), covering additional product that may be ordered by our customer, worth an estimated $13.7 million.

Sterling Engineering Corporation, our Turbine & Engine Sector, received firm orders during October and November totaling $6.3 million, these orders extend to 2023.

- Jet engine components totaled $2.4 million.

- Rotorcraft components totaled $3.9 million.

These orders increase our eighteen-month firm and funded backlog to approximately $110 million dollars.

Mr. Lou Melluzzo, CEO of Air Industries commented: "Receiving these contract awards is significant both in value and for the aircraft platforms involved. These orders span both military and commercial aviation.

The F-35 Joint Strike Fighter is the newest fighter aircraft in US military service. Production of this aircraft is now ramping up to full rate production with a goal of 200 aircraft per year.

The E-2C/D aircraft is a US Navy aircraft providing Airborne Early Warning and Control for Carrier Battle Groups. Each carrier has four E-2 aircraft. This platform has been a staple product of Air Industries for many years. The new E2-D Advanced Hawkeye is the latest variant and will replace older models in service. Foreign military forces have also ordered the E2-D, most notably Japan, to counter threats from China.

The vast majority of these contract awards are long-term agreements, allowing Air Industries to plan production more efficiently, and to have the opportunity to increase profit margins."