Air Industries Group (NYSEAMERICAN: AIRI) Jumps 8% following Announcement of Long-Term Deal For F-35 Landing Components

Air Industries Group (NYSEAMERICAN: AIRI)  jumped 8% after announcing a Long-Term Agreement to manufacture F-35 joint Strike Fighter Aircraft landing gear equipment. 

Air Industries sign deal for landing gear components 

The long-term contract from the company’s customer projects purchases ranging from $12 million to $18 million over three years starting from next year through 2024. Air Industries is an integrated precision equipment components and assemblies producer for defense and aerospace contracts. The company produces most of the landing gear components popular among all three Aircraft variants. 

The company’s CEO Lou Melluzzo said, “Air Industries has produced landing gear components for the F-35 since the inception of production of the Aircraft. We are very pleased to be part of this historic program and to continue supporting the war fighter as production of the Aircraft approaches full-rate.”

Air Industries announces a $7.4 million order of “Thrust Struts.”

Recently, the company announced a $7.4M order for “Thrust Struts,” which is a vital Geared Turbofan (“GTF”) Jet Engine component.  Commenting in the order, Lou said, “Military aviation products dominate Air Industries’ business. In terms of revenue, the Thrust Strut is our largest commercial aviation product.”

Lou added that during the pandemic, air travel was impacted as well as the commercial aviation business which reduced business and as a result that had an impact on demand for Thrust Struts in 2020.  He explained that the new release is proof that an anticipated commercial aviation rebounder will occur sooner than anticipated. Lou said that since the Thrust Struts is a component for the Geared Turbofan Engine, Air Industries’ product will be vital for smaller airplanes that include the Embraer E2 as well as the Airbus A-220, which are increasingly becoming popular among Airline Operators.

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