EDGEWOOD, N.Y., Oct. 28, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) or (the “Company”) (NYSE American: CVU) announced today that Raytheon Company (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.