CPI Aerostructures Gets $14 Million in Purchase Orders From Boeing
May 28 2020 - 9:43AM
Dow Jones News
By Chris Wack
CPI Aerostructures Inc. said Thursday it has received purchase
orders totaling $14 million from Boeing Co. for structural
assemblies for the A-10 Thunderbolt II under a previously announced
Indefinite Delivery/Indefinite Quantity contract with a maximum
ceiling value of $48 million.
Under the terms of the contract, CPI Aero will manufacture major
structural subassemblies of the A-10 aircraft's wing.
CPI Aero said that including these new orders, it has now
received $20 million in funding from Boeing for the production of
A-10 re-wing structural assemblies and associated program start-up
costs. First delivery is expected to be in late 2020 and the period
of performance under current funding is expected to extend into
2022.
CPI Aero shares were up 24% to $3.63 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 28, 2020 09:28 ET (13:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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