CPI Aerostructures Signs $8.2 Million, Five-Year Supply Agreement With Sikorsky
Company Awarded Second Multi-Year IX Contract; CPI Aero to Manufacture Gunner Window Assemblies for the UH-60M Black Hawk
September 20, 2017 08:00 ET | Source: CPI Aerostructures, Inc.
EDGEWOOD, N.Y., Sept. 20, 2017 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) announced today that it has signed a long term supply agreement with Sikorsky, a Lockheed Martin company (NYSE:LMT), to manufacture gunner window assemblies for the UH-60M Black Hawk helicopter. This long-term agreement is valued at up to approximately $8.2 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.
The windows are of two-piece construction located just behind the pilot seat on each side of the aircraft. They slide open for use by the machine gun operator. CPI Aero has been producing gunner window assemblies for the Black Hawk helicopter since 2010. Since that time, CPI Aero has delivered more than 2,400 window sections to support the production of approximately 600 aircraft.
Douglas J. McCrosson, president and chief executive officer of CPI Aero commented, “This new multi-year follow-on order highlights our exceptional program execution, quality, value, and customer service to Sikorsky on the UH-60 platform. We are honored that Sikorsky has again selected CPI Aero to manufacture an important component that is critical to fulfilling a key mission of this extremely effective and versatile aircraft.”
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 CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies and value-added kits for fixed wing and rotary wing aircraft in both the commercial aerospace and defense markets. CPI Aero also manufactures pod-based, airborne avionics systems for Intelligence Surveillance and Reconnaissance (ISR), Electronic Warfare (EW) and Radar end-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 quarters ended March 31, 2017, and June 30, 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 Investor Relations Counsel:
Chief Financial Officer LHA
CPI Aero Sanjay M. Hurry / Jody Burfening
(631) 586-5200 (212) 838-3777
www.cpiaero.com cpiaero@lhai.com
www.lhai.com
Company Awarded Second Multi-Year IX Contract; CPI Aero to Manufacture Gunner Window Assemblies for the UH-60M Black Hawk
September 20, 2017 08:00 ET | Source: CPI Aerostructures, Inc.
EDGEWOOD, N.Y., Sept. 20, 2017 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) announced today that it has signed a long term supply agreement with Sikorsky, a Lockheed Martin company (NYSE:LMT), to manufacture gunner window assemblies for the UH-60M Black Hawk helicopter. This long-term agreement is valued at up to approximately $8.2 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.
The windows are of two-piece construction located just behind the pilot seat on each side of the aircraft. They slide open for use by the machine gun operator. CPI Aero has been producing gunner window assemblies for the Black Hawk helicopter since 2010. Since that time, CPI Aero has delivered more than 2,400 window sections to support the production of approximately 600 aircraft.
Douglas J. McCrosson, president and chief executive officer of CPI Aero commented, “This new multi-year follow-on order highlights our exceptional program execution, quality, value, and customer service to Sikorsky on the UH-60 platform. We are honored that Sikorsky has again selected CPI Aero to manufacture an important component that is critical to fulfilling a key mission of this extremely effective and versatile aircraft.”
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 CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies and value-added kits for fixed wing and rotary wing aircraft in both the commercial aerospace and defense markets. CPI Aero also manufactures pod-based, airborne avionics systems for Intelligence Surveillance and Reconnaissance (ISR), Electronic Warfare (EW) and Radar end-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 quarters ended March 31, 2017, and June 30, 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 Investor Relations Counsel:
Chief Financial Officer LHA
CPI Aero Sanjay M. Hurry / Jody Burfening
(631) 586-5200 (212) 838-3777
www.cpiaero.com cpiaero@lhai.com
www.lhai.com
