CPI Aerostructures Receives $14 Million in New Purchase Orders From Boeing Under A-10 Re-Winging Contract
28 Maggio 2020 - 2:30PM
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU)
announced today the receipt of purchase orders totaling
approximately $14 million from Boeing (NYSE: BA) for structural
assemblies for the A-10 Thunderbolt II under a previously announced
Indefinite Delivery/Indefinite Quantity (IDIQ) contract with a
maximum ceiling value of $48 million. Under the terms of the IDIQ,
CPI Aero will manufacture major structural subassemblies of the
A-10 aircraft’s wing. Including these new orders, CPI Aero has now
received approximately $20 million in funding from Boeing for the
production of A-10 re-wing structural assemblies and associated
program start-up costs. First delivery is expected to be in
late 2020 and the period of performance under current funding is
expected to extend into 2022.
On August 21, 2019, Boeing announced an award from the United
States Air Force (USAF) with a maximum contract value of $999
million to manage the production of up to 112 new wing sets and
spares kits for A-10 aircraft.
Douglas McCrosson, president and CEO of CPI Aero, stated, “These
latest purchase orders represent a substantial commitment by the
U.S. Air Force and Boeing to keeping this vital weapon system in
the fight for years to come. New orders, such as these for the
A-10, add to our already impressive funded backlog for products
that are at the core of our country’s national security mission and
comprise both older platforms, like the A-10, and current
generation programs.”
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.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
Investor Relations Contacts:
LHA Investor RelationsSanjay M. Hurry/Jody Burfening(212)
838-3777cpiaero@lhai.comwww.lhai.com
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