CPI Aerostructures Receives Additional Purchase Orders
To Supply E-2D Advanced Hawkeye Wing Components
February 20, 2018
Edgewood, NY -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) has received purchase orders from Northrop Grumman Corporation (NYSE: NOC) to supply structural components and kits for the Outer Wing Panel (OWP) on the third and fourth production E-2D Advanced Hawkeye airborne early warning and control (AEW&C) aircraft to be delivered to Japan. The purchase orders will be delivered under a contract announced in January 2016 between Northrop Grumman and CPI Aero valued at $25 million to $30 million.
The Pentagon announced on June 1, 2015, that the U.S. Department of State approved a sale of four Northrop Grumman E-2D Advanced Hawkeye aircraft to Japan. The E-2D Advanced Hawkeye is the U.S. Navy’s primary AEW&C aircraft.
Douglas McCrosson, President and CEO of CPI Aero, stated, “With these orders, we are now actively working on all four E-2D aircraft that have been approved by the State Department to be sold to Japan, a testament to our excellent program execution on the E-2D platform. We are excited to be part of the team.”
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 three-month periods ended March 31, 2017, June 30, 2017, and September 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.
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