CPI Aero Awarded Long-Term Agreement by Sikorsky Aircraft Corp. for the
Manufacture of UH-60 BLACK HAWK Fuel Panel Assemblies
Agreement valued up to $47 million for a period of five years
EDGEWOOD, N.Y. -- July 24, 2013
CPI Aerostructures, Inc. (CPI Aero^®) (NYSE MKT: CVU) announced today that it
has been selected by Sikorsky Aircraft Corp. (Sikorsky) to manufacture fuel
panel assemblies for the H-60 BLACK HAWK helicopter. Sikorsky Aircraft Corp.
is a subsidiary of United Technologies Corp. (NYSE: UTX). This long-term
agreement is valued at approximately $47 million for a period of five years.
Since 2010, Sikorsky has contracted with CPI Aero for the assembly labor of
the BLACK HAWK fuel panels using components supplied by Sikorsky. To-date, CPI
Aero has delivered more than 350 fuel panels to support the BLACK HAWK
production line. Under the terms of the new agreement, CPI Aero will perform
all manufacturing tasks for these assemblies, including purchasing all detail
parts and components and managing the supply chain. CPI Aero will continue to
manufacture fuel panels on an outsource basis as this new agreement
transitions into full production during the third quarter of 2013.
Including this new order, total new contract awards from all customers for
2013 is approximately $68 million, as compared to approximately $45 million in
new contract awards for the same period in 2012.
More than 3,000 BLACK HAWK helicopters are in use today, operating in 29
countries. Designed to stringent U.S. Military standards, the BLACK HAWK
helicopter has become the leader in multi-mission-type aircraft. Among the
mission configurations it serves are troop transport, medical evacuation,
electronic warfare, attack, assault support and special operations.
About Sikorsky Aircraft
Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in
helicopter design, manufacture and service. United Technologies Corp., based
in Hartford, Conn., provides a broad range of high technology products and
support services to the aerospace and building systems industries.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural aircraft parts for fixed wing
aircraft and helicopters in both the commercial and defense 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.
Among the key programs that CPI Aero supplies are the E-2D Advanced Hawkeye
surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650,
the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine
countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced
Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet,
the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and the
New Cessna Citation X. 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, 2012
and Form 10-Q for the quarter ended March 31, 2013.
CPI Aero^® is a registered trademark of CPI Aerostructures, Inc.
Vincent Palazzolo, 631-586-5200
Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Lena Cati, 212-836-9611
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