EDGEWOOD, N.Y., Jan. 28, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) announced today that it has been awarded an approximate $1 million program from Sikorsky, a Lockheed Martin Company (NYSE: LMT), to manufacture a structural assembly used in the interior of Sikorsky helicopters. Work on the structural assemblies will begin immediately with first delivery in early 2019. The period of performance is expected to extend through 2021.
“CPI Aero, our management team and employees are very honored to have been selected to be a supplier on this program, our first contract for this aircraft. With more than a decade manufacturing critical structures and systems for Sikorsky helicopters, this award underscores our strong reputation for quality and performance,” said Douglas McCrosson, president and CEO of CPI Aero.
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, 2017, and Forms 10-Q for the three-month periods ended March 31, 2018, June 30, 2018, and September 30, 2018.
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