Air Industries buys plane parts maker Decimal
Air Industries Group Inc., an aerospace and defense holding company in Bay Shore, is acquiring Copiague-based airplane parts maker Decimal Industries Inc.
As part of the acquisition, which was announced Monday, Decimal will become a part of Air Industries' subsidiary Welding Metallurgy Inc., which is based in Hauppauge. Air Industries also helped negotiate a lower interest rate on a loan agreement Decimal had with PNC Bank.
The purchase price wasn't disclosed.
"The acquisition of Decimal brings new and complementary technical capabilities, new product lines and strategically important new customers," said Air Industries chief executive Pete Rettaliata.
Air Industries is also the holding company for Air Industries Machining Corp. and Nassau Tool Works Inc., in addition to Welding Metallurgy. The three units are parts manufacturers and suppliers to the defense industry. The holding company has engaged in a string of acquisitions in recent years as part of a growth strategy.
Bill Wahlig, executive director of the Long Island Forum of Technology -- a business group for local manufacturers -- said he saw the acquisition as a positive move for the Island in the current economic climate. Air Industries has noted in previous financial reports that its revenues were affected by the federal spending cuts, known as sequestration.
These manufacturing "companies are consolidating and becoming stronger through that process," Wahlig said.
Air Industries said in a news release that two principals of Decimal would join the company.
Air Industries and Decimal did not return requests for comment.