CPI Aerostructures, Inc. ("CPI Aero(R)") (NYSE Amex: CVU) announced today that it has entered into a five year agreement covering up to $9.2 million in structural assemblies to be supplied to Sikorsky Aircraft Corp. for use as spares for its BLACK HAWK(R) military helicopter. The initial purchase order under this agreement is for $2.85 million. Delivery is expected to begin in early 2012. Sikorsky is a subsidiary of United Technologies Corp. (NYSE: UTX).
The agreement includes four different variants of Hover Infrared Suppression Subsystem (HIRSS) Modules for "L" and "M" model BLACK HAWK helicopters. CPI Aero has been manufacturing HIRSS Modules for Sikorksy since 2006. This new agreement covers Sikorsky's best estimated quantity requirements for these assemblies through 2015.
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