CPI Aerostructures Receives $5 Million Long-Lead Funding to Supply Wing Components for E-2D Advanced Hawkeye
EDGEWOOD, N.Y., June 25, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced that it received long lead funding of $5 million in anticipation of purchase orders that will total more than $20 million from Northrop Grumman to supply Outer Wing Panel (OWP) structural components and kits for the E-2D Advanced Hawkeye airborne command and control (ACC) aircraft. CPI Aero has been delivering OWP components and kits for multiple configurations of the E-2D Advanced Hawkeye since 2008. The expected future purchase orders are for additional requirements under the multi-year agreement that CPI Aero announced earlier this year, and increase the value of the previously announced multi-year contract to more than $70 million.
Douglas McCrosson, President and CEO of CPI Aero, stated, “The E-2D Advanced Hawkeye has been an important aircraft platform for CPI Aero for the past decade and will continue to be so well into the future. Combined with the recently announced OWP long-term agreement, the funding for these additional requirements contributes significantly to our already robust backlog on theE-2D aircraft.”
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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