A New York manufacturer said it has acquired all outstanding shares of Waterbury military supplies packager Eur-Pac Corp. for $1.6 million and 20,000 restricted shares of common stock.
The publicly traded Air Industries Group, which is based on Long Island, N.Y., manufactures equipment assemblies and components for military and aerospace companies.
AI said Eur-Pac is its first acquisition outside Long Island. It will operate Eur-Pac as a separate subsidiary.
Principals Richard Rand and Peter Rand, who are sons of the founder of the 67-year-old Eur-Pac, will continue to manage the company, AI said.
