Initial Contract Valued at Approximately $1 Million
EDGEWOOD, N.Y.--(BUSINESS WIRE)--
CPI Aerostructures, Inc. (CPI Aero®) (NYSE MKT:CVU) announced
today that it has been selected by Spirit AeroSystems, Inc. (Spirit)
(NYSE: SPR) to manufacture structural assemblies for four CH-53K heavy
lift helicopter System Demonstration Test Articles (SDTA). Spirit will
produce the four additional SDTA cockpit and cabin components of the
CH-53K for its prime contractor Sikorsky Aircraft Corp (Sikorsky). CPI
Aero will manufacture step platform assemblies and cabin rack
assemblies. Delivery will occur in 2014 and 2015.
In May 2013, the US Navy funded four CH-53K demonstration aircraft that
will be used for operational evaluation purposes. CPI Aero’s contract
with Spirit includes firm requirements for approximately $1 million for
the demonstration aircraft. The Navy program of record calls for the
production of 196 aircraft, with initial operating capability targeted
for 2019.
The CH-53K helicopter is a dual-piloted, multi-engine helicopter that
will provide the U.S. Marine Corps with improved heavy lift capability,
reduced operating costs, and state-of-the-art interoperability. The
helicopter will be capable of operating day or night, in battlefield
conditions and adverse worldwide climates, while fulfilling U.S. Marine
Corps missions for movement of cargo and equipment, transportation of
troops, and amphibious assault and operations ashore.
About Spirit AeroSystems
Spirit AeroSystems, with headquarters in Wichita, Kan., USA, is one of
the world's largest non-OEM designers and manufacturers of
aerostructures for commercial aircraft. In addition to its Wichita and
Chanute facilities in Kansas, Spirit has locations in Tulsa and
McAlester, Okla.; Kinston, N.C.; Nashville, Tenn.; Prestwick, Scotland;
Preston, England; Subang, Malaysia; and Saint-Nazaire, France. In the
U.S., Spirit's core products include fuselages, pylons, nacelles and
wing components. Additionally, Spirit provides aftermarket customer
support services, including spare parts, maintenance/repair/overhaul,
and fleet support services in North America, Europe and Asia. Spirit
Europe produces wing components for a host of customers, including
Airbus.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural aircraft parts for fixed
wing aircraft and helicopters in both the commercial and defense
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. Among the key programs that
CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft,
the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK
HAWK® helicopter, the S-92® helicopter, the MH-60S mine countermeasure
helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light
Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet,
the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and
the New Cessna Citation X. 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, 2012 and Forms 10-Q for the quarters ended March 31, 2013
and June 30, 2013.
CPI Aero® is a registered trademark of CPI Aerostructures,
Inc.
CPI Aero
Vincent Palazzolo, (631) 586-5200
Chief
Financial Officer
www.cpiaero.com
or
The
Equity Group Inc.
Investor Relations Counsel:
Lena
Cati, (212) 836-9611
www.theequitygroup.com
Source: CPI Aerostructures, Inc.