EDGEWOOD, N.Y., Feb. 16, 2022 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today announced that it has been awarded a long-term, indefinite delivery indefinite quantity contract from Raytheon Intelligence & Space (“RI&S”), a Raytheon Technologies business, worth up to a potential $20 million to provide rack assemblies for RI&S’ B-52 AESA radar.
In 2019, Boeing awarded RI&S a contract for the radar in support of the U.S. Air Force’s B-52 Radar Modernization Program. RI&S previously announced low-rate initial production (LRIP) will begin in 2024, as the USAF looks to maintain the fleet of B-52 bombers in frontline service through to 2050 and beyond.
CPI Aero received an initial $4 million order for prototype and test article production of the rack assembly that the AESA radar will be mounted in and then installed within the nose of the B-52. Work will commence immediately with first delivery anticipated in late 2022.
Douglas McCrosson, President & CEO of CPI Aerostructures, commented, “This new program award reflects our demonstrated reliability and quality, and expands our footprint with one of our top customers. Upgrades for weapon systems that lie at the core of our country’s national security mission is an increasingly important part of our defense business and we are confident we will add value to the B-52 Radar Modernization Program team.”
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/A for the year ended December 31, 2020 and Form 10-Q for the quarter ended March 31, 2021.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
