CPI Aerostructures Announces Decision to Expand Manufacturing Operations on Long Island
February 18 2021 - 1:39PM
CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today
announced that Empire State Development (ESD) has awarded the
company up to $2.7 million in Excelsior Jobs tax credits and an ESD
Capital Grant of $1.05 million as incentive for CPI Aero to remain
headquartered and grow in New York State. CPI Aero has committed to
remaining on Long Island. To receive the maximum award, the Company
over the next five years expects to invest over $5.7 million in new
equipment, upgrades, and facility improvements, retain its current
workforce and add 85 new full-time jobs. In connection with the New
York State incentive, CPI has extended the term of its current
leased facility in Edgewood, NY into 2023. After this term expires,
CPI Aero is expected to either remain at its current location or
relocate to a newly constructed and leased building adjacent to
Long Island MacArthur Airport.
Empire State Development Acting
Commissioner and President & CEO-designate Eric Gertler
said, "CPI Aero’s decision to expand its manufacturing
facilities in Suffolk County, where it has been headquartered for
more than 40 years, is a vote of confidence in New York State. By
doing so, the company will continue to contribute to Long Island’s
historic role in aerospace innovation, supported by a skilled 21st
century workforce that will support its future growth and success."
Douglas McCrosson, CEO and President of CPI
Aero said “Long Island has a storied history in aviation
and for the past 40 years CPI Aero is proud to have played our part
in this heritage. As a manufacturer, we compete on a global basis
and it is essential that we maintain our competitive edge. As we
explored potential alternatives to New York, it became clear that
other states could potentially offer operating cost savings but
they couldn’t replicate what has been the secret to our success -
our talented workforce and a labor pool with the aerospace and
defense manufacturing skills that will be needed to support our
growth plans. I’d like to acknowledge the efforts of the our many
state and local partners that recognize the economic contributions
CPI Aero makes to Long Island and New York State and who have made
our decision to remain and grow in the Empire State an easy one.”
About Empire State Development Empire
State Development (ESD) is New York’s chief economic development
agency. The mission of ESD is to promote a vigorous and growing
economy, encourage the creation of new job and economic
opportunities, increase revenues to the State and its
municipalities, and achieve stable and diversified local economies.
Through the use of loans, grants, tax credits and other forms of
financial assistance, ESD strives to enhance private business
investment and growth to spur job creation and support prosperous
communities across New York State. ESD is also the primary
administrative agency overseeing Governor Cuomo’s Regional Economic
Development Councils and the marketing of "I LOVE NY," the State’s
iconic tourism brand. For more information on Regional Councils and
Empire State Development, please visit www.regionalcouncils.ny.gov
and www.esd.ny.gov.
About CPI AeroCPI 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.
CPI Aero® is a registered trademark of CPI
Aerostructures, Inc. For more information, visit www.cpiaero.com,
and follow us on Twitter @CPIAERO.
Investor Relations Counsel: LHA Investor
RelationsJody Burfening (212)
838-3777cpiaero@lhai.comwww.lhai.com Source: CPI
Aerostructures, Inc.
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