New Century Companies, Inc. on Monday said it changes its name to U.S. Aerospace Inc. to better reflect its growing business providing aircraft components to defense contractors and the military.
As the result of acquisitions over the past several months, the Santa Fe Springs company now supplies aircraft assemblies, structural components and highly-engineered, precision-machined details for commercial and military aircraft to the U.S. Department of Defense, and aerospace companies such as Lockheed Martin Corp. and Boeing Co. The company has its origins as a manufacturer and remanufacturer of specialized aircraft machining tools.
“Our new name is appropriate to reflect the aerospace industry focus of our new business model that will drive revenues and shareholder value going forward.,” said Chairman Jerrold S. Pressman in a press release. “We are excited about the direction of the company and look forward to leveraging our strengths in not only expanding services for existing clients but also capturing new aerospace business.”
The company’s shares were unchanged at 16 cents in midday trading on the Over-the-Counter Bulletin Board.
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