Good Morning
Good Morning

Air Industries acquires Eur-Pac for $1.6M

Air Industries Group has purchased its second defense contractor this year.

The Bay Shore-based group has acquired Eur-Pac Corp. of Waterbury, Connecticut, for $1.6 million, according to a securities filing.

Eur-Pac provides repair kits, hose assemblies, and hydraulic, mechanical and electrical assemblies to the U.S. Defense Department. Eur-Pac executives Richard and Peter Rand, sons of the founder, have agreed to remain on for two years.

Peter Rettaliata, chief executive of Air Industries, said last week the acquisition was the group's first off Long Island, though Eur-Pac was founded in Brooklyn in 1947.

He also said the group would soon complete a third acquisition and is "actively examining new candidates."

The group also has sought tax breaks from the Suffolk County Industrial Development Agency to remain in the county. Negotiations are ongoing, officials said.

More news