CPI Aerostructures Receives $1.2 Million Follow-On Order From Lockheed Martin for F-16 Structural Assemblies
June 22 2020 - 8:00AM
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today
announced that it was awarded a follow-on order from Lockheed
Martin (NYSE: LMT) to manufacture structural assemblies for new
production F-16 Block 70/72 aircraft ‒ the newest and most advanced
F-16 production configuration.
In February 2019, CPI Aero announced a multi-year contract with
Lockheed Martin to provide Rudder Island and Drag Chute Canister
(RI/DCC) assemblies for the F-16. Including the follow-on order,
the total value of firm orders under the contract to CPI Aero has
now reached approximately $8.7 million. Deliveries under the
follow-on order are expected to occur in late 2021.
CPI Aero President and Chief Executive Officer Douglas McCrosson
stated, “The success Lockheed Martin is experiencing in selling the
F-16 in the international fighter market provides increasing
opportunity for CPI Aero and further strengthens our long-standing
relationship with Lockheed Martin that spans multiple platforms,
including the F-35, the world’s premier 5th Generation fighter, and
numerous Sikorsky helicopters. We take great pride in continuing to
serve as the sole-source supplier of RI/DDC assemblies for the F-16
and appreciate Lockheed Martin’s acceleration of payments to CPI
Aero during the COVID-19 Pandemic.”
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, 2018, and Form 10-Q for the three-month
periods ended March 31, 2019, June 30, 2019, and September 30,
2019.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
Investor Relations Contacts:
LHA Investor RelationsSanjay M. Hurry/Jody Burfening(212)
838-3777cpiaero@lhai.comwww.lhai.com
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