24/7 Market News Snapshot 22 August, 2024 – Air Industries Group (NYSE:AIRI)

August 22, 2024

DENVER, Colo., 22 August, 2024 (247marketnews.com) – (NYSE:AIRI) are discussed in this article.
Air Industries Group has demonstrated significant momentum in the aerospace and defense sector, with its stock price soaring by over 122% recently, from $3.75 to a peak of $8.365. This unprecedented rise has garnered substantial market interest, as indicated by an impressive trading volume exceeding 32.79 million shares. Investors are keenly observing these developments, signaling the company’s potential for robust growth amidst heightened bullish sentiment.

In conjunction with this market activity, Air Industries Group has announced the acquisition of a substantial $110 million contract for the production of Thrust Struts, a critical component for the Geared Turbo-Fan (GTF) jet engine. This seven-year agreement, effective January 2025, will enhance the company’s production capabilities and replace an existing contract set to expire at the end of 2024. Once operational, this contract is expected to significantly boost annual sales and marks a pivotal advancement in the company’s trajectory.

Lou Melluzzo, Chief Executive Officer of Air Industries Group, highlighted the importance of this achievement, noting, “This contract is a milestone for our company, underscoring the significance of our Thrust Struts product line, which has been a cornerstone of our business for nearly a decade.” The recent contract has also expanded the company’s backlog to over $280 million, showcasing the effectiveness of its strategic initiatives.

The manufacturing of Thrust Struts necessitates specialized machinery, and Air Industries’ proactive investment in upgrading its facilities is set to enable efficient execution of this large-scale project. Peter Rettaliata, Chairman of the Board, commended the dedication and expertise of the team, stating that this accomplishment reflects their collective efforts. As Air Industries Group continues to foster existing partnerships and explore new growth opportunities, it remains well-positioned in a dynamic marketplace.

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