24/7 Market News- Air Industries Group Secures $110 Million Contract for GTF Aircraft Engine Components, Its Largest Ever

August 22, 2024

DENVER, Colo., Aug 22, 2024 (247marketnews.com)- Air Industries Group (NYSEAMERICAN: AIRI) reported receiving a 7-year contract for the production of Thrust Struts used in the Geared Turbo-Fan (GTF) aircraft jet engine, valued at $110 million, for which Air Industries has been the sole critical component supplier since 2015.

The new contract will commence in January 2025 and extend through 2031 replacing and expanding on an existing contract set to expire in December of 2024. Once production and deliveries begin, annual sales are expected to benefit significantly.

Air Industries Group’s CEO, Lou Melluzzo, stated, “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. With this single order, our backlog has surged to over $280 million, marking the first time our backlog has exceeded a quarter of a billion dollars. This order will significantly impact our top and bottom lines, with this project alone expected to require approximately 40,000 hours of production annually at our Long Island manufacturing facility.

“This product is manufactured on highly specialized machines that are challenging to procure. This order will be supported by our strategic decision to previously invest in upgrades and significant enhancements to our machinery and equipment. No GTF engine can be fitted to an airframe without a pair of Thrust Struts, making this a critical component in the aerospace supply chain.

“Following the recent Farnborough Air Show, we remain focused on business development activities, strengthening our relationships with long-standing customers, and building new partnerships.”

This new 7-year contract expands Air Industries Group’s backlog to over $280 million.

Air Industries Group’s Chairman of the Board, Peter Rettaliata, added, “This remarkable achievement is a testament to the focused and strategic efforts of Lou and his team. Their hard work has not only strengthened our relationship with a key customer but has also delivered significant win to our shareholders. This accomplishment reflects the collective dedication and expertise of our entire team. On behalf of the Board of Directors and our shareholders, I extend my sincere congratulations and gratitude.”

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