CPI Aero Announces $11.45 Million Purchase Order for Wing Kits from Northrop Grumman Corporation
EDGEWOOD, N.Y.--(BUSINESS WIRE)-- CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) today announced that on December 20, 2012 it received an $11.45 million purchase order from Northrop Grumman Corporation (NYS: NOC) for Outer Wing Panel (OWP) kits. The kits are for use in the manufacture of complete wings for the C-2A Greyhound, a high-wing carrier on-board delivery (COD) aircraft used by the Navy. Designed to land on aircraft carriers, this monoplane cargo aircraft provides critical logistics support to carrier strike groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the C-2A Greyhound aircrafts since June 2008. The E-2D and C-2A share a common wing design. CPI Aero has received firm orders and advanced funding for OWP kits totaling approximately $58 million.
This order was included in the previously reported total contract awards of approximately $81.6 million, received from all customers in 2012.
About Northrop Grumman Corporation
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in unmanned systems, cybersecurity, 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 engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and the New Cessna Citation X. CPI Aero is included in the Russell 2000® 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, 2011 and CPI Aero's Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.
CPI Aero is a registered trademark of CPI Aerostructures, Inc.
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