AirT, Inc. (AIRT) announced that its subsidiary received a contract award of $32 million for aircraft deicing vehicles to American Airlines ($AAL). The deicers will be equipped with Global's MIDAS™ vehicle telemetry systems that will provide American Airlines with the latest technology and shares traded 17% higher on the news in early afternoon trading. What a neat little, the only issue is that they opened the year right here around $25, but made a nice move with today’s order and 17% bump in share price. This stock is thinly traded and fly’s under the radar – no pun intended.
Icy Cool Small Cap Sells Deicers to American Air
Announcing the order, Global's President / CEO Michael Moore said: "Global is recognized as one of the world's leading manufacturers of aircraft deicers. We are delighted that American Airlines chose Global, and will realize the glycol savings and reduced environmental impact that this new technology will provide for their hub operation at Dallas, Fort Worth (DFW). Global has spent several years developing our exclusive MIDAS™ telemetry system and we are very proud that American is the latest of four large North American airlines to add this technology to their fleet." Deliveries are expected to be completed in November 2015.
Through its subsidiaries, Air T, Inc. provides overnight air cargo, ground equipment sales, and ground support services in the United States and internationally. The company’s Overnight Air Cargo segment offers small package overnight airfreight delivery services on a contract basis to the air express delivery services industry with 80 aircraft under agreement with FedEx in the United States and the Caribbean.
Its Ground Equipment Sales segment manufactures, sells, and services aircraft deicers and other ground support equipment, including aircraft deicers, scissor-type lifts, military and civilian decontamination units, flight-line tow tractors, glycol recovery vehicles, and other special purpose mobile equipment. It offers its products to passenger and cargo airlines, ground handling companies, the United States Air Force, airports, and industrial customers.
The company’s Ground Support Services segment provides aircraft ground support equipment, fleet, and facility maintenance services to airlines and aviation service providers. Air T, Inc. was founded in 1980 and is based in Maiden, North Carolina.
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