Air Industries Group completes acquisition of Welding Metallurgy

The Air Industries Group has announced it has completed its acquisition of Welding Metallurgy Inc, a metallurgical engineering and welding services provider and manufacturer based in West Babylon, Long Island, New York. Air Industries paid approximately $6 million, in cash, debt and restricted stock.

Welding Metallurgy is a specialty welding and products provider for Northrop Grumman and Boeing Helicopter. Several of its customers present substantial opportunities for Air Industries.

Welding Metallurgy has trailing twelve-month revenues of approximately $5 million and will be accretive to earnings for Air Industries Group. By leveraging customer bases, Air Industries can realise synergistic benefits that could form the basis of a longer-term growth strategy.

Current Welding Metallurgy customers include Northrop Grumman's Florida and Bethpage units, Boeing Helicopter's Philadelphia, Pennsylvania unit, and Middle River Aircraft Systems from Baltimore, Maryland, among others.

Boeing Helicopter and Middle River are two of its larger customers, and represent new customers for Air Industries; Northrop Grumman of Florida has an ongoing manufacturing and supply agreement with Air Industries.

Founded in 1979, Welding Metallurgy supplies welded assemblies for the aerospace and other industrial sectors. Specialty welding is its primary service, but the company also has manufactured components for various sub-sectors of the commercial and military aerospace industries for over 20 years.