Bay Shore, NY - Air Industries Group announced the closing of the acquisition of all of the outstanding stock of Eur-Pac Corporation of Waterbury CT. Eur-Pac specializes in military packaging and supplies. Eur-Pac's primary business is "kitting" of supplies for all branches of the United States Defense Department including ordnance parts, hose assemblies, hydraulic, mechanical and electrical assemblies. Eur-Pac's MIL-I-45208 ISO 9002 inspection system has been audited and approved by the Department of Defense and several commercial entities.
Eur-Pac, the first acquisition outside of Long Island, will be operated as a separate and independent platform company of Air Industries. The two principals of Eur-Pac, who are the sons of the founder and have worked at the firm for decades, will remain with and continue to manage the Company for two years following the closing. Air Industries has also transferred a young executive from its Welding Metallurgy subsidiary to Eur-Pac.
Mr. Peter Rettaliata, Chief Executive Officer of Air Industries commented: "We are very excited about the closing of the Eur-Pac acquisition. Eur-Pac, founded in 1947 in Brooklyn, has a long tradition of supplying assemblies and kits to the Defense Department. While Eur-Pac will operate as a separate subsidiary, its products are similar to many of our other subsidiaries. We view Eur-Pac as a platform and hope to grow the business.
"We have previously announced three possible acquisition opportunities. We have now closed on two of these, Woodbine Products on April 1st, and now Eur-Pac. We continue to make good progress on closing the third acquisition and are actively examining new candidates.
"We have also reached an agreement to renew our lease of our 80,000 square foot Welding Metallurgy manufacturing facility in Hauppauge, New York for a ten year period beginning January 1, 2016. However, this agreement is conditioned on our obtaining appropriate real estate tax abatements from the Suffolk County Industrial Development Agency. While our preference and intention is to remain in New York it is important that we can reach an agreement with the County."
