CPI Aerostructures Awarded Purchase Orders Totaling $4.6 Million From Turkish Aerospace Industries
- CPI Aero to Manufacture Window Assemblies for the T70 Turkish Utility Helicopter Program -
EDGEWOOD, N.Y., Sept. 11, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (the “Company”) (NYSE American: CVU) announced today that it has received orders valued at approximately $4.6 million from Turkish Aerospace Industries (TAI), the prime contractor for the T70 Turkish Utility Helicopter Program (TUHP). The multi-year purchase orders call for CPI Aero to manufacture window assemblies on 109 T70 aircraft over an estimated 5-year period. The Company expects to begin deliveries by the end of 2019.
TUHP is an industrial partnership launched in 2016, comprised of Sikorsky Aircraft, a Lockheed Martin Company, the Government of the Republic of Turkey, and members of the Turkish aerospace industry. TUHP produces the T70 utility helicopter based on Sikorsky's successful multi-role BLACK HAWK© utility aircraft. CPI Aero has been producing similar window assemblies for the BLACK HAWK helicopter since 2010.
Douglas J. McCrosson, president and chief executive officer of CPI Aero commented, “These multi-year purchase orders leverage our exceptional program execution, quality, value, and customer service to Sikorsky on the BLACK HAWK platform. We are excited to add TAI as a valued new customer and honored that they selected CPI Aero for this important helicopter program.”
About Turkish Aerospace Industries
Turkish Aerospace, ranking among the top hundred global players in aerospace and defense industry, is the center of technology in design, development, modernization, manufacturing and life cycle support of integrated aerospace systems, from fixed and rotary wing platforms to UAV systems and space systems and is one of the largest and most important defence and aerospace companies in Turkey.
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.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit , and follow us on Twitter .
Contact:
Vincent Palazzolo
Chief Financial Officer
CPI Aero
(631) 586-5200
Investor Relations Counsel:
LHA Investor Relations
Sanjay M. Hurry/ Jody Burfening
(212) 838-3777
