CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) announced today that Northrop Grumman Corporation (NYSE:NOC) authorized the start of production of additional Outer Wing Panel (OWP) kits for use in the manufacture of complete wings for the E-2D Advanced Hawkeye. CPI Aero received a new purchase order to support the E-2D Program Low Rate Initial Production (LRIP) Lot 2. An additional award was received to provide advanced procurement authorization and to start work for long-lead material to support of E-2D Full Rate Production (FRP) Lot 1.
CPI Aero received a total of $3.4 million in new funding related to the E-2D Advanced Hawkeye program and has been producing OWP kits for the E-2D and the C-2A aircraft since June 2008. CPI Aero has received firm orders and advanced funding for OWP kits totaling approximately $37 million.
Source: CPI Aerostructures, Inc.
Date: May 31, 2012