CPI Aerostructures Receives Orders Totaling $1.4M

CPI Aerostructures Receives Orders Totaling $1.4M 23 Oct, 20, Source: CPI Aerostructures

CPI Aerostructures, Inc. (“CPI Aero®”) (the “Company”) (NYSE American: CVU) announced that it has received multiple purchase orders with a total value of approximately $1.4 million from Turkish Aerospace Industries (TAI), the prime contractor for the T70 Turkish Utility Helicopter Program (TUHP). In September 2019, the Company announced receiving a multi-year contract from TAI to manufacture window assemblies on up to 104 T70 aircraft over an estimated 5-year period. The combined orders received to date under this contract total $2.1 million against a ceiling price of $4.6M. The Company expects to begin deliveries on these most recent orders in 2021.

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 BLACK HAWK helicopter window assemblies since 2010.

Douglas J. McCrosson, president and chief executive officer of CPI Aero commented, “Receiving additional orders from Turkish Aerospace Industries is a testament to the expertise and craftsmanship of our workforce, honed over a decade of working on the Sikorsky BLACK HAWK program. We are proud of the quality products we produce for TAI.”

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