CPI Aero Receives Order from Spirit AeroSystems for Structural Assemblies for the CH-53K Heavy Lift Helicopter
Initial Contract Valued at Approximately $1 Million
September 5, 2013
Edgewood, NY – CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today that it has been selected by Spirit AeroSystems, Inc. (Spirit) (NYSE: SPR) to manufacture structural assemblies for four CH-53K heavy lift helicopter System Demonstration Test Articles (SDTA). Spirit will produce the four additional SDTA cockpit and cabin components of the CH-53K for its prime contractor Sikorsky Aircraft Corp (Sikorsky). CPI Aero will manufacture step platform assemblies and cabin rack assemblies. Delivery will occur in 2014 and 2015.
In May 2013, the US Navy funded four CH-53K demonstration aircraft that will be used for operational evaluation purposes. CPI Aero’s contract with Spirit includes firm requirements for approximately $1 million for the demonstration aircraft. The Navy program of record calls for the production of 196 aircraft, with initial operating capability targeted for 2019.
The CH-53K helicopter is a dual-piloted, multi-engine helicopter that will provide the U.S. Marine Corps with improved heavy lift capability, reduced operating costs, and state-of-the-art interoperability. The helicopter will be capable of operating day or night, in battlefield conditions and adverse worldwide climates, while fulfilling U.S. Marine Corps missions for movement of cargo and equipment, transportation of troops, and amphibious assault and operations ashore.
About Spirit AeroSystems
Spirit AeroSystems, with headquarters in Wichita, Kan., USA, is one of the world’s largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. In addition to its Wichita and Chanute facilities in Kansas, Spirit has locations in Tulsa and McAlester, Okla.; Kinston, N.C.; Nashville, Tenn.; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France. In the U.S., Spirit’s core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America, Europe and Asia. Spirit Europe produces wing components for a host of customers, including Airbus.
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. Among the key national security programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK® helicopter, the MH-53/CH-53 variant helicopters, the F-16 fighter aircraft, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the DB-110 reconnaissance pod and the ALMDS mine detecting pod. In the commercial aviation market CPI Aero manufactures products for the Gulfstream G650 ultra-large cabin business jet, the HondaJet advanced light jet, the Embraer Phenom 300 business jet, the new Cessna Citation X+, and the S-92® helicopter. 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, 2012 and Forms 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
Chief Financial Officer
Investor Relations Counsel:
Jody Burfening/Sanjay M. Hurry