EDGEWOOD, N.Y., March 17, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it was awarded a follow-on order from Lockheed Martin (NYSE: LMT) to manufacture structural assemblies for new production F-16 Block 70/72 aircraft ‒ the newest and most advanced F-16 production configuration.
In February 2019, CPI Aero announced a multi-year contract with Lockheed Martin to provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16 and has received a number of orders since then. This new order, the largest order under this contract thus far, more than doubles the order book for this structural assembly to $17.9 million. Recently, CPI Aero delivered the first production unit to Lockheed Martin. Deliveries under the order announced today are expected to occur in 2022 and 2023.
CPI Aero president and CEO Douglas McCrosson stated, “CPI is proud to be the single source supplier of RI/DCC assemblies for the F-16 Block70/72. Last August, the USAF and Lockheed Martin announced the 10 Year Indefinite-Delivery/Indefinite-Quantity contract in support of Foreign Military Sales Orders for the F-16. We believe that this contract vehicle will facilitate and accelerate foreign sales of this iconic aircraft and we look forward to supplying RI/DCC assemblies for many years to come. As a supplier on multiple Lockheed Martin platforms, including the F-35, the world’s premier 5th Generation fighter, and numerous Sikorsky helicopters, we thank the company for its continued confidence in CPI Aero’s execution capabilities.”
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, 2019, and Form 10-Q for the three-month periods ended March 31, 2020, June 30, 2020, and September 30, 2020.
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