EDGEWOOD, NY--(Marketwired - Oct 3, 2016) - CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) today announced that Sikorsky, a Lockheed Martin Company (NYSE: LMT), has awarded CPI Aero purchase orders valued at approximately $5 million to manufacture the weapon pylon for the Sikorsky CH-148 Cyclone, a twin-engine, multi-role shipboard helicopter being manufactured by Sikorsky for the Royal Canadian Air Force (RCAF). CPI Aero will produce weapon pylons for 28 aircraft with deliveries through 2018.
A military variant of the Sikorsky S-92® helicopter, the CH-148 is designed for shipboard operations. The Cyclone is to be operated by the RCAF and will conduct anti-submarine warfare, surveillance, and search and rescue missions from Royal Canadian Navy warships.
"This award recognizes our long-standing and excellent past performance with Sikorsky that spans over a decade across multiple aircraft, including the UH-60, S-92, and now the CH-148," stated Douglas McCrosson, president and chief executive officer of CPI Aero. "This is our first new contract with Sikorsky as a Lockheed Martin Company, and we are excited to continue to expand our business with Lockheed Martin, the world's largest defense contractor."
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, 2015, and Form 10-Q for the three-month periods ended March 31, 2016 and June 30, 2016.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.