Order Covers First Year of Multiyear Potential Contract Valued up to $47.5 Million
EDGEWOOD, N.Y., Feb. 25, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (NYSE American:CVU) today announced that it has received a contract with a maximum value of $8.1 million from Northrop Grumman Corp. (NYSE:NOC) for outer wing panel kits used in the manufacture of complete wings for the E-2D Advanced Hawkeye. CPI Aero has produced outer wing panel kits since 2008 for the E-2D Advanced Hawkeye, the U.S. Navy's carrier-based airborne early warning and control aircraft.
"Exceptional program execution, superior product quality and the ability to provide value to our customers lies at the heart of our ongoing ability to secure multiyear defense contracts with leading defense technology companies," said Douglas McCrosson, president and CEO of CPI Aero, "We are pleased to have the opportunity to extend our long-standing partnership with Northrop Grumman for an additional six years as a key member of ‘Team Hawkeye.'"
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies, for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2017, and Form 10-Q for the three-month period ended March 31, 2018, June 30, 2018, and September 30, 2018.
Investor Relations Counsel:
Chief Financial Officer
Jody Burfening/Sanjay M. Hurry
Source: CPI Aerostructures, Inc.