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Air Industries to acquire Compac Development

Aerospace contractor Air Industries Group has "agreed in principle" to acquire Compac Development Corp., a maker of enclosures for electronic components.

In a news release Wednesday, Air Industries said the deal is scheduled to close shortly and provided no financial terms.

Air Industries, with headquarters in Hauppauge, said that the Compac acquisition is designed to complement the product lines of Decimal Industries, acquired in 2013, and Woodbine Products, acquired in 2014.

"Together, we are going to be able to give existing and new customers more of the bundled solutions they want," Air Industries chief executive Daniel Godin said in a statement.

Shares of Air Industries fell 1.8 percent Wednesday to close at $8.90.

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