Air Industries Group (AIRI)

[I-Man]

Air Industries Group Completes Sale of Welding Metallurgy Inc. to CPI Aerostructures

5:00 pm ET December 20, 2018 (Globe Newswire)


Air Industries Group (NYSE AMEX: AIRI) Air Industries Group ("Air Industries" or the "Company"), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, is pleased to announce that it has completed the sale of its Welding Metallurgy subsidiary to CPI Aerostructures, Inc. CPI Aerostructures, Inc. ("CPI Aero") (NYSE American: CVU) today announced that it has completed its acquisition of Welding Metallurgy, Inc. ("WMI") from Air Industries Group, Inc. in a transaction valued at approximately $9.0 million.

Mr. Lou Melluzzo, CEO of Air Industries, commented: "The sale of Welding Metallurgy represents a capstone in our 2018 objectives for Air Industries Group. We began the year with a plan to simplify our operations and focus on our core competencies, the machining and assembly of complex components for the Aerospace industry. To accomplish this we divested Welding Metallurgy, and consolidated two of our Long Island sites reducing costs, increasing efficiency. The sale has reduced bank debt by roughly twenty five percent. In the coming months, we will also be consolidating our corporate office into our Bay Shore facility, further reducing overhead. All these efforts, most now complete, will enhance our performance and profitability.

"We wish CPI the best of luck with the acquisition of Welding Metallurgy."