CPI Aerostructures Receives $3.8 Million Contract Amendment From Bell Helicopter for AH-1Z Viper Helicopter Components
March 07 2018 - 9:40AM
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU)
announced today that it has received an amendment to an
indefinite-delivery/indefinite-quantity (IDIQ) contract from Bell
Helicopter, a Textron Inc. (NYSE:TXT) company, for the manufacture
of engine cowl assemblies and support assemblies for the AH-1Z
Viper attack helicopter. The contract amendment extends the period
of performance by one year and is valued at $3.8 million. The
IDIQ contract, previously announced by CPI Aero in January 2017,
now has a potential value of $18.6 million based on the estimated
order quantity during the period of performance ending December 31,
2021. CPI Aero has manufactured such assemblies for the AH-1Z Viper
since 2011.
The AH-1Z Viper is a twin-engine attack helicopter used by the
United States Marine Corps. The AH-1Z program reached initial
operational capability in September 2010 and began full-rate
production in December 2010. In May 2016, Bell Helicopter was
awarded a contract that included 16 AH-1Z helicopters as part of
the Marine Corps’ H-1 Program of Record, which calls for the
acquisition of a total of 189 AH-1Z Vipers and 160 UH-1Y “Venom”
utility helicopters.
The Bell AH-1Z Viper is among the world’s most lethal anti-armor
attack helicopter, capable of carrying the widest array of ordnance
of any helicopter in the world. Target identification is crucial in
the modern battlefield, and the Bell AH-1Z’s Target Sight System
provides the longest range and highest accuracy of any helicopter
sight available, as it allows the operators of the AH-1Z to
identify and track multiple targets outside the enemy’s ability to
visually detect the Viper. Unlike other attack helicopters, the
AH-1Z Viper has integrated air-to-air strike capability in addition
to superior air-to-ground anti-armor performance. This capability
set makes the AH-1Z the ideal platform to meet the requirements of
land warfare scenarios in any of the potential hot spots around the
world. 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, 2016, and Form 10-Q for the three-month
periods ended March 31, 2017, June 30, 2017, and September 30,
2017.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
About Bell Helicopter Bell Helicopter, a wholly
owned subsidiary of Textron Inc., is an industry-leading producer
of commercial and military, manned and unmanned vertical-lift
aircraft and the pioneer of the revolutionary tiltrotor aircraft.
Globally recognized for world-class customer service, innovation
and superior quality, Bell's global workforce serves customers
flying Bell aircraft in more than 120 countries.
About Textron Inc. Textron Inc. is a
multi-industry company that leverages its global network of
aircraft, defense, industrial and finance businesses to provide
customers with innovative solutions and services. Textron is known
around the world for its powerful brands such as Bell Helicopter,
Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO,
Greenlee, Bad Boy Off Road and Textron Systems. For more
information, visit www.textron.com.
Contact: |
|
Vincent
Palazzolo |
Investor Relations
Counsel: |
Chief Financial
Officer |
LHA |
CPI Aero |
Sanjay M.
Hurry |
(631)
586-5200 |
(212) 838-3777 |
www.cpiaero.com |
cpiaero@lhai.com |
|
www.lhai.com |
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