CPI Aerostructures Receives $1.2 Million Follow-On Order From Lockheed Martin for F-16 Structural Assemblies
EDGEWOOD, N.Y., June 22, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it was awarded a follow-on order from Lockheed Martin (NYSE: LMT) to manufacture structural assemblies for new production F-16 Block 70/72 aircraft ? the newest and most advanced F-16 production configuration.
In February 2019, CPI Aero announced a multi-year contract with Lockheed Martin to provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16. Including the follow-on order, the total value of firm orders under the contract to CPI Aero has now reached approximately $8.7 million. Deliveries under the follow-on order are expected to occur in late 2021.
CPI Aero President and Chief Executive Officer Douglas McCrosson stated, “The success Lockheed Martin is experiencing in selling the F-16 in the international fighter market provides increasing opportunity for CPI Aero andfurther strengthens our long-standing relationship with Lockheed Martin that spans multiple platforms, including the F-35, the world’s premier 5th Generation fighter, and numerous Sikorsky helicopters. We take great pride in continuing to serve as the sole-source supplier of RI/DDC assemblies for the F-16 and appreciate Lockheed Martin’s acceleration of payments to CPI Aero during the COVID-19 Pandemic.”
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, 2018, and Form 10-Q for the three-month periods ended March 31, 2019, June 30, 2019, and September 30, 2019.
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