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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CPI Aerostructures Inc | AMEX:CVU | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.75% | 2.63 | 2.72 | 2.65 | 2.69 | 16,153 | 21:15:06 |
In 2016, the U.S. Navy awarded Raytheon a $1 billion NGJ-MB Engineering and Manufacturing Development contract. The capability will augment, and eventually replace the ALQ-99 system on the U.S. Navy’s EA-18G Growler carrier-based electronic warfare aircraft. There are two pods per EA-18G aircraft. CPI Aero estimates that the total value to CPI Aero of the NGJ-MB production phase could be in excess of an additional $150 million through 2030.
Douglas J. McCrosson, president and CEO of CPI Aero, stated, “We are honored that Raytheon, one of the leading aerospace and defense companies in the world, has recognized the value added by our team to date toward the success of the NGJ-MB pod program. Raytheon has done a tremendous job of embracing key suppliers such as CPI Aero within the integrated product team and we are proud to play an important role in transferring this critical electronic warfare capability from development into the hands of our warfighters.”
About CPI AeroCPI 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, 2017, and Form 10-Q for the three-month periods ended March 31, 2018 and June 30, 2018.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact:
Vincent Palazzolo Chief Financial Officer CPI Aero (631) 586-5200 www.cpiaero.com | Investor Relations Counsel:LHAJody Burfening/Sanjay M. Hurry (212) 838-3777cpiaero@lhai.comwww.lhai.com |
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