Raytheon Awards $2.3 Million Purchase Order to CPI Aerostructures to Produce Pod Prototypes
October 28 2019 - 8:00AM
CPI Aerostructures, Inc. (“CPI Aero®”) or (the “Company”) (NYSE
American: CVU) announced today that Raytheon Company (NYSE: RTN)
selected it to produce pod structures. As part of its selection,
the Company was awarded firm orders totaling approximately $2.3
million to provide manufacturing engineering services, develop
assembly tooling and produce prototypes for delivery in 2020.
“This award leverages our considerable expertise in electronic
pod structures, including development work conducted for and as a
key supplier to Raytheon since 2016,” stated Douglas J. McCrosson,
president and CEO of CPI Aero. “We are extremely excited about the
potential of this project and we look forward to working closely
with Raytheon to ensure another successful development
program.”
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, 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 |
Investor Relations Counsel: |
Chief Financial Officer |
LHA Investor Relations |
CPI Aero |
Jody Burfening/Sanjay M. Hurry |
(631) 586-5200 |
(212) 838-3777 |
www.cpiaero.com |
cpiaero@lhai.com |
|
www.lhai.com |
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