CPI Aerostructures Announces $3.95 Million in New Requirements from Bell Helicopter
EDGEWOOD, N.Y.--(BUSINESS WIRE)-- CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) announced today that it has received an extension, through 2015, to its existing General Ordering Agreement with Bell Helicopter, a Textron Inc. (NYS: TXT) company, that adds additional delivery requirements totaling $3.95 million for the manufacture of various assemblies for the AH-1Z ZULU attack helicopter.
The AH-1Z ZULU is a twin-engine attack helicopter used by the United States Department of Defense. The AH-1Z ZULU program reached initial operational capability in September 2010, began full-rate production in December 2010 and is expected to run until 2019.
The original agreement with Bell was announced in March 2011. While the initial order requirement was small, it has led to additional orders, as the aircraft transitioned into full scale production. Including this new order, CPI Aero has received aggregate orders of approximately $6.8 million for AH-1Z aircraft assemblies.
Edward J. Fred, CPI Aero's President & CEO stated, "We are proud to have earned Bell's trust over the past couple of years. In this uncertain defense industry environment, it is wonderful to know that now we can look forward to supporting this important DoD program through 2015."
About Bell Helicopter
Bell Helicopter, a wholly owned subsidiary of Textron Inc., is an industry-leading producer of commercial and military, manned and unmanned vertical lift aircraft and the pioneer of the revolutionary tilt rotor aircraft. Globally recognized for world-class customer service, innovation and superior quality, Bell's global workforce serves customers flying Bell aircraft in more than 120 countries.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense 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 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, 2012 and Form 10-Q for the quarter ended March 31, 2013.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
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