CPI Aero Receives $1.8M Follow-On Order for Welded Fluid Tank Assemblies
CPI Aerostructures (CVU) has received a $1.8 million contract from an undisclosed aerospace OEM for complex welded fluid tank assemblies. Deliveries are set to begin in 2023 and conclude in 2024. This order reflects customer satisfaction with CPI Aero's performance, highlighting the company's investments in welding capabilities since 2019 that enhanced production quality and throughput. CPI Aero manufactures structural assemblies for fixed wing aircraft and is a Tier 1 supplier to aircraft OEMs and prime contractor to the U.S. Department of Defense.
- Awarded a $1.8 million contract, indicating strong demand.
- Reflects customer satisfaction and successful transition of program to production.
- Investments in welding capabilities since 2019 contributed to improved quality and throughput.
- None.
EDGEWOOD, N.Y., Jan. 05, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero® or the Company) (NYSE American: CVU) announced today that an undisclosed aerospace OEM has awarded CPI Aero a
“This follow-on order demonstrates our customer’s satisfaction with CPI Aero’s performance and continued commitment to excellence. This fluid tank assembly involves complex fusion and resistance welding, and leverages strategic investments CPI Aero has made in welded product capabilities since 2019. These investments were key to the successful transition of this program from development to production, resulting in improved quality and increased throughput,” commented Dorith Hakim, president and chief executive officer of CPI Aero.
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.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 and the Company’s subsequent filings with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
| Contacts | ||
| Investor Relations Counsel LHA Investor Relations Jody Burfening (212) 838-3777 cpiaero@lhai.com www.lhai.com | CPI Aerostructures, Inc. Andrew L. Davis Chief Financial Officer (631)586-5200 www.cpiaero.com | |
FAQ
What is the value of the contract awarded to CPI Aerostructures (CVU)?
When will CPI Aerostructures begin deliveries for the new contract?
What type of assemblies is CPI Aerostructures producing under the new contract?
Who awarded the contract to CPI Aerostructures?
