Groupe Latecoere Selects Gales Industries Subsidiary for Boeing 777 Cargo Door Parts
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(Bay Shore, NY., June 21, 2007) -- Gales Industries Incorporated (OTCBB: GLDS), a holding company established to consolidate manufacturers, engineering integrators and specialized service providers to the aerospace/defense industry, today announced that its wholly-owned operating subsidiary, Air Industries Machining Corp. (AIM), has been selected by Groupe Latecoere to manufacture cargo door mechanism parts for the Boeing 777 freighter aircraft. This new order reflects AIM's ongoing diversification initiative. With a global reputation as a leading manufacturer of landing gear and flight safety parts, this new order also marks AIM's entry into the market for door mechanisms parts. Terms of this initial contract were not disclosed.
The cargo door mechanism parts will be manufactured in AIM's Bay Shore, NY, facility and shipped to Latecoere in Toulouse, France, by the end of 2007. Latecoere has been supplying Boeing with passenger doors for the "7" aircraft fleet for nearly three years. Within the last year, Latecoere had been selected by Boeing for production of main deck cargo doors for the freighter version of its 777 aircraft.
"We are pleased to welcome Groupe Latecoere, the French aviation pioneer and a leading global manufacturer of aircraft passenger and cargo doors, as a new customer," said Peter Rettaliata, Chief Executive Officer of Gales. "Supporting our diversification goals, the contract with Latecoere extends our manufacturing capabilities for the first time into the market for aircraft doors, and allows us to further participate as a supply chain partner with Boeing. In less than a month, we have been awarded two separate contracts to supply parts to be used in Boeing commercial aircraft. The opportunity with Boeing alone, which is playing a major role in the commercial aerospace resurgence, is significant to our overall growth and diversification strategies."
Source : Gales Industries Inc.
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