CPI Aero Signs $21 Million, Five-Year Supply Agree
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Posted On: 07/18/2017 12:53:02 PM
CPI Aero Signs $21 Million, Five-Year Supply Agreement With Sikorsky
Company to Manufacture Fuel Panel Assemblies for the UH-60M Black Hawk
EDGEWOOD, N.Y., July 17, 2017 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) announced today that it has signed a long-term supply agreement with Sikorsky, a Lockheed Martin company (NYSE:LMT), to manufacture fuel panel assemblies for the UH-60M Black Hawk helicopter. This long-term agreement is valued at up to approximately $21 million for a period of five years, beginning in 2018 and ending in 2022 per Sikorsky and the U.S. Army’s recent signing of the Multi-Year IX contract.
CPI Aero has been producing fuel panel assemblies for the UH-60M since 2010. Since that time, CPI Aero has delivered more than 900 units to support the aircraft’s production line. Under the terms of the new agreement, CPI Aero will perform all manufacturing tasks for these assemblies, including purchasing and managing the supply chain for all detail parts and system components such as fuel valves, flexible hosing and tubing.
Douglas J. McCrosson, president and chief executive officer of CPI Aero, commented, “The fuel panel assembly is a key product within our aerosystems segment and is an excellent example of our capabilities outside of our traditional aerostructures market. The Black Hawk helicopter has been one of the most important aircraft systems to CPI Aero for the past 10 years, and it is gratifying that it will continue to be so for at least the next five years.”
The Black Hawk helicopter has become the leader in multi-mission-type aircraft. Among the mission configurations it serves are troop transport, medical evacuation, electronic warfare, attack, assault support and special operations.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
For additional information, visit our website: www.lockheedmartin.com.
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, 2016 and Form 10-Q for the quarter ended March 31, 2017.
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
Chief Financial Officer
CPI Aero
(631) 586-5200
www.cpiaero.com
Investor Relations Counsel:
LHA
Jody Burfening/Sanjay M. Hurry
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
Source: CPI Aerostructures, Inc.
© 2017 GlobeNewswire, Inc.
Company to Manufacture Fuel Panel Assemblies for the UH-60M Black Hawk
EDGEWOOD, N.Y., July 17, 2017 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) announced today that it has signed a long-term supply agreement with Sikorsky, a Lockheed Martin company (NYSE:LMT), to manufacture fuel panel assemblies for the UH-60M Black Hawk helicopter. This long-term agreement is valued at up to approximately $21 million for a period of five years, beginning in 2018 and ending in 2022 per Sikorsky and the U.S. Army’s recent signing of the Multi-Year IX contract.
CPI Aero has been producing fuel panel assemblies for the UH-60M since 2010. Since that time, CPI Aero has delivered more than 900 units to support the aircraft’s production line. Under the terms of the new agreement, CPI Aero will perform all manufacturing tasks for these assemblies, including purchasing and managing the supply chain for all detail parts and system components such as fuel valves, flexible hosing and tubing.
Douglas J. McCrosson, president and chief executive officer of CPI Aero, commented, “The fuel panel assembly is a key product within our aerosystems segment and is an excellent example of our capabilities outside of our traditional aerostructures market. The Black Hawk helicopter has been one of the most important aircraft systems to CPI Aero for the past 10 years, and it is gratifying that it will continue to be so for at least the next five years.”
The Black Hawk helicopter has become the leader in multi-mission-type aircraft. Among the mission configurations it serves are troop transport, medical evacuation, electronic warfare, attack, assault support and special operations.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
For additional information, visit our website: www.lockheedmartin.com.
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, 2016 and Form 10-Q for the quarter ended March 31, 2017.
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
Chief Financial Officer
CPI Aero
(631) 586-5200
www.cpiaero.com
Investor Relations Counsel:
LHA
Jody Burfening/Sanjay M. Hurry
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
Source: CPI Aerostructures, Inc.
© 2017 GlobeNewswire, Inc.
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