Air Industries to sell welding unit to CPI Aerostructures

Air Industries Group Inc., Hauppauge, N.Y., a supplier of aerospace components and assemblies, has announced it will allow the $9 million sale of its subsidiary Welding Metallurgy Inc. to CPI Aerostructures Inc., an Edgewood, N.Y.-based aerospace contractor.

Air Industries had agreed in March to sell the subsidiary to CPI, but then said it was terminating the agreement. The company now says it will deliver the subsidiary’s audited financial statements for 2017, and both companies agreed to close the acquisition within three weeks of the delivery of those records.