CPI Aerostructures Awarded Purchase Orders Totaling $4.6 Million From Turkish Aerospace Industries
September 11 2019 - 9:25AM
CPI Aerostructures, Inc. (“CPI Aero®”) (the “Company”) (NYSE
American: CVU) announced today that it has received orders valued
at approximately $4.6 million from Turkish Aerospace Industries
(TAI), the prime contractor for the T70 Turkish Utility Helicopter
Program (TUHP). The multi-year purchase orders call for CPI Aero to
manufacture window assemblies on 109 T70 aircraft over an estimated
5-year period. The Company expects to begin deliveries by the end
of 2019.
TUHP is an industrial partnership launched in 2016,
comprised of Sikorsky Aircraft, a Lockheed Martin Company, the
Government of the Republic of Turkey, and members of the
Turkish aerospace industry. TUHP produces the T70 utility
helicopter based on Sikorsky's successful multi-role BLACK HAWK©
utility aircraft. CPI Aero has been producing similar window
assemblies for the BLACK HAWK helicopter since 2010.
Douglas J. McCrosson, president and chief executive
officer of CPI Aero commented, “These multi-year purchase orders
leverage our exceptional program execution, quality, value, and
customer service to Sikorsky on the BLACK HAWK platform. We are
excited to add TAI as a valued new customer and honored that they
selected CPI Aero for this important helicopter program.”
About Turkish Aerospace
IndustriesTurkish Aerospace, ranking among the top hundred
global players in aerospace and defense industry, is the center of
technology in design, development, modernization, manufacturing and
life cycle support of integrated aerospace systems, from fixed and
rotary wing platforms to UAV systems and space systems and is one
of the largest and most important defence and aerospace companies
in Turkey.
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, 2018, and Form
10-Q for the three-month periods ended March 31, 2019 and June 30,
2019.
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 Chief Financial Officer CPI
Aero (631) 586-5200 www.cpiaero.com
Investor Relations Counsel:LHA Investor
RelationsSanjay M. Hurry/ Jody Burfening (212)
838-3777 cpiaero@lhai.comwww.lhai.com
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