CPI Aero Announces $14 Million in Purchase Orders for Wing Kits from Northrop Grumman Corporation
January 29, 2014
Edgewood, NY – CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it received orders totaling approximately $14 million from Northrop Grumman Corporation (NYSE:NOC) for Outer Wing Panel (OWP) kits. The kits are for use in the manufacture of complete wings for the C-2 Greyhound and the Japan Air Self-Defense Force E-2C airborne early warning and control aircraft. The C-2 Greyhound’s primary mission is to transport high-priority cargo, critical aircraft parts, mail and passengers to deployed Carrier Strike Groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the C-2A Greyhound aircraft, which share a common wing design, since June 2008. This is CPI Aero’s first purchase order for OWP kits to be used on an E-2C Hawkeye operated by an international customer. There are currently over 100 aircraft in operation around the world with one-third of those being operated by other countries. Since 2008, CPI Aero has received orders for OWP kits totaling approximately $80 million. These new awards were received late last year and were included in the previously announced $122.3 million in total awards for 2013.
About Northrop Grumman Corporation
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in unmanned systems, cyber, C4ISR, and logistics and modernization to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information.
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 Form 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.
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