CPI Aero Awarded $15.8 Million Multi-Year Contract by Lockheed Martin for F-35 Canopy Drive Shaft Assemblies
November 06 2017 - 8:00AM
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) today
announced that it has been awarded a $15.8 million multi-year
contract by Lockheed Martin Company (NYSE:LMT) to manufacture
canopy actuation drive shaft assemblies for the F-35 Lightning II,
the world’s most advanced multirole fighter.
Under this new contract with Lockheed Martin’s
Aeronautics division based in Fort Worth, TX, CPI Aero will provide
four different drive shaft assemblies used within the actuation
system that opens and closes the cockpit canopy of all three
variants of the aircraft: the F-35A conventional takeoff and
landing (CTOL) variant, the F-35B short takeoff/vertical landing
(STOVL) variant, and the F-35C carrier variant (CV).
Deliveries are expected to begin during the third quarter of 2018
and continue through December 31, 2022.
This is CPI Aero’s second contract with Lockheed
Martin for structural assemblies on the F-35. In May 2017,
CPI Aero made its first delivery of lock assemblies for the
arresting gear door of the F-35A CTOL variant under a multi-year
contract awarded in 2015 estimated at up to $10.6 million.
The F-35 Lightning II is a family of
single-seat, single-engine, all-weather stealth multirole fighters
designed to perform ground attack, aerial reconnaissance, and air
defense missions. The US Department of Defense plans to
acquire over 2,400 F-35’s by 2034 and eleven other countries also
have plans to acquire the aircraft.
Douglas McCrosson, President and CEO of CPI
Aero, stated, “This is an important win for CPI Aero as it
increases CPI Aero content on the F-35, our nation’s largest
military aircraft program, and further strengthens our ties to
Lockheed, the largest defense prime contractor in the world.
Coming on the heels of our first F-35 assembly delivery, I am
confident that Lockheed Martin views us as having attributes that
define successful defense contracting: quality, performance and
affordability.”
About CPI
Aero
CPI Aero is a U.S. manufacturer of structural
assemblies and value-added kits for fixed wing and rotary wing
aircraft in both the commercial aerospace and defense
markets. CPI Aero also manufactures pod-based, airborne
avionics systems for Intelligence Surveillance and Reconnaissance
(ISR), Electronic Warfare (EW) and Radar end-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, 2016 and Form
10-Q for the quarters ended March 31, 2017, and June 30, 2017.
CPI Aero® is a registered trademark of CPI
Aerostructures, Inc. For more information, visit www.cpiaero.com,
and follow us on Twitter @CPIAERO.
Contact:
Vincent Palazzolo |
Investor Relations
Counsel: |
Chief Financial
Officer |
LHA |
CPI Aero |
Jody
Burfening/Sanjay M. Hurry |
(631) 586-5200 |
(212) 838-3777 |
www.cpiaero.com |
cpiaero@lhai.com |
|
www.lhai.com |
CPI Aerostructures (AMEX:CVU)
Historical Stock Chart
From Aug 2024 to Sep 2024
CPI Aerostructures (AMEX:CVU)
Historical Stock Chart
From Sep 2023 to Sep 2024