CPI Aerostructures WMI Subsidiary Receives $700,000 Order From U.S. Air Force Materiel Command for Electrical Relay Boxes f...
February 21 2019 - 8:00AM
- Brings Orders Year-to Date to $2.8 million
-
CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) today
announced that its Welding Metallugy, Inc. subsidiary (WMI) has
been awarded a $700,000 contract by the U.S. Air Force Materiel
Command to manufacture electrical relay boxes for A-10 Thunderbolt
aircraft. In addition to the A-10, since the beginning of the year,
WMI has received orders for electronic assemblies on the SEASPARROW
missile launch control system, as well as welded assemblies for the
CH-47 Chinook, UH-60 BLACK HAWK, and CH-53K King Stallion
helicopters. As a result, year-to-date orders have totaled
approximately $2.8 million.
CPI Aero President and Chief Executive Officer Douglas McCrosson
stated, “We completed the acquisition of WMI in late December 2018
and could not be more pleased with the positive response from
customers. Building its backlog from $7.6 million at the end
of 2017 to $16.9 million at the end of 2018, it’s great to
see WMI maintain the momentum into 2019. We are on schedule with
our planned relocation of WMI’s operations into our facility by the
end of March, and we are working closely with customers to ensure a
successful consolidation of operations.”
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 Form 10-Q for the three-month
period ended March 31, 2018, June 30, 2018, and September 30,
2018.
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 |
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Investor Relations Counsel: |
Chief Financial Officer |
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LHA |
CPI Aero |
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Jody Burfening/Sanjay M. Hurry |
(631) 586-5200 |
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(212) 838-3777 |
www.cpiaero.com |
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cpiaero@lhai.com |
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www.lhai.com |
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