CPI Aerostructures Awarded Multi-Year Contract by Lockheed Martin for F-16V Structural Assemblies
February 20 2019 - 7:00AM
CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) today
announced that it has been awarded a multi-year contract by
Lockheed Martin (NYSE: LMT) to manufacture structural assemblies
for the F-16V aircraft, the world’s most technologically advanced
fourth generation fighter.
Under the terms of the contract with Lockheed Martin, CPI Aero
will provide rudder island and drag chute canister (RI/DCC)
assemblies for the F-16V. The RI/DCC is a large structural
sub-assembly that is installed on the tail section of the aircraft.
Deliveries are expected to begin during the fourth quarter of 2019
and continue through 2024. An initial, multi-million dollar
purchase order under the long term contract is anticipated within
the next several weeks.
CPI Aero President and Chief Executive Officer Douglas McCrosson
stated, “This new contract builds on our history on the F-16 as a
supplier to the U.S. Air Force for legacy structural components and
leverages our deep assembly expertise to expand our involvement
with the F-16 program into new production models. It also further
strengthens our long-standing relationship with Lockheed Martin
that spans multiple platforms, including the world’s premier 5th
generation fighter, the F-35, and numerous Sikorsky helicopters. We
are pleased to secure content on the world’s foremost combat-proven
4th generation multi-role fighter aircraft and believe it will be
an excellent selling aircraft given the international demand for
this type of 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, 2017, and Form 10-Q for the three-month
period ended March 31, 2018, June 30, 2018, and September 30,
2018.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
Contact: |
|
Vincent Palazzolo |
Investor Relations
Counsel: |
Chief Financial
Officer |
LHA |
CPI Aero |
Jody Burfening/Sanjay
M. Hurry |
(631) 586-5200 |
(212) 838-3777 |
www.cpiaero.com |
cpiaero@lhai.com |
|
www.lhai.com |
CPI Aerostructures (AMEX:CVU)
Historical Stock Chart
From Apr 2024 to May 2024
CPI Aerostructures (AMEX:CVU)
Historical Stock Chart
From May 2023 to May 2024