Target company's components are used in Pratt & Whitney, General Electric and Siemens jet turbine engines
BAY SHORE, N.Y.—Aerospace and defence products manufacturer Air Industries Group has reached an agreement to acquire 100 per cent of the stock and the business of a jet turbine component manufacturer based in New England.
The unnamed target company makes aerospace components for aircraft and land-based jet turbines. Its components are used in Pratt & Whitney, General Electric and Siemens jet turbine engines.
The transaction, scheduled to close in February, is subject to a shareholder vote and other conditions.
The assets to be acquired include a 75,000 square foot manufacturing facility. Management and employees will be retained, and it is anticipated that the company will be operated as a separate subsidiary of Air Industries Group.