EDGEWOOD, N.Y.--(BUSINESS WIRE)--
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) today announced
that it received orders totaling approximately $14 million from Northrop
Grumman Corporation (NYSE:NOC) for Outer Wing Panel (OWP) kits. The kits
are for use in the manufacture of complete wings for the C-2 Greyhound
and the Japan Air Self-Defense Force E-2C airborne early warning and
control aircraft. The C-2 Greyhound's primary mission is to transport
high-priority cargo, critical aircraft parts, mail and passengers to
deployed Carrier Strike Groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the
C-2A Greyhound aircraft, which share a common wing design, since June
2008. This is CPI Aero’s first purchase order for OWP kits to be used on
an E-2C Hawkeye operated by an international customer. There are
currently over 100 aircraft in operation around the world with one-third
of those being operated by other countries. Since 2008, CPI Aero has
received orders for OWP kits totaling approximately $80 million. These
new awards were received late last year and were included in the
previously announced $122.3 million in total awards for 2013.
About Northrop Grumman Corporation
Northrop Grumman is a leading global security company providing
innovative systems, products and solutions in unmanned systems, cyber,
C4ISR, and logistics and modernization to government and commercial
customers worldwide. Please visit www.northropgrumman.com
for more information.
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,
June 30, 2013, and September 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
Investor
Relations Counsel
The Equity Group Inc.
Lena Cati, 212-836-9611
www.theequitygroup.com
Source: CPI Aerostructures, Inc.