CPI Aerostructures Awarded Contract From Raytheon Missiles & Defense
CPI Aerostructures, Inc. (CVU) announced a new sole-source order from Raytheon Missiles & Defense for manufacturing structural assemblies on an undisclosed platform, with deliveries beginning in 2021. This order follows CPI Aero's recognition as a Premier Supplier by Raytheon Technologies for its work on the Next Generation Jammer Mid Band pod. CEO Douglas McCrosson highlighted this contract as a sign of continued trust from Raytheon, emphasizing growth in missiles and autonomous aircraft systems as strategic areas for CPI Aero's future.
- Secured a sole-source follow-on order from Raytheon Missiles & Defense.
- Recognized as a Premier Supplier by Raytheon Technologies in 2020.
- Growth potential in strategic areas like missiles and autonomous aircraft systems.
- None.
EDGEWOOD, N.Y., Jan. 08, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) announced today that it has received an order from Raytheon Missiles & Defense, a Raytheon Technologies business, to manufacture structural assemblies on an undisclosed platform. This is a sole source follow-on order and CPI Aero anticipates making deliveries starting in 2021. Terms of the order will not be disclosed.
“Last year we were honored to receive Raytheon Technologies’ Premier Supplier Award in recognition of our work on the Next Generation Jammer Mid Band pod. This new contract demonstrates both Raytheon Missiles & Defense’s continued trust in CPI Aero as a critical Tier 1 supplier and commitment to utilizing top-performing supply chain partners across their enterprise,” said Douglas McCrosson, president and CEO of CPI Aero. “Missiles and other autonomous aircraft systems are strategic areas of growth for CPI Aero. Our reputation for excellence in manufacturing some of the world’s most advanced pod-based airborne electronic systems provides confidence that we can be successful in this adjacent market.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for 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, 2019 and Forms 10-Q for the three-month periods ended March 31, 2020, June 30, 2020,and September 30, 2020.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact:
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
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