CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) announced today that it has received an extension, through 2015, to its existing General Ordering Agreement with Bell Helicopter, a Textron Inc. (NYSE: TXT) company, that adds additional delivery requirements totaling $3.95 million for the manufacture of various assemblies for the AH-1Z ZULU attack helicopter.
The AH-1Z ZULU is a twin-engine attack helicopter used by the United States Department of Defense. The AH-1Z ZULU program reached initial operational capability in September 2010, began full-rate production in December 2010 and is expected to run until 2019.
The original agreement with Bell was announced in March 2011. While the initial order requirement was small, it has led to additional orders, as the aircraft transitioned into full scale production. Including this new order, CPI Aero has received aggregate orders of approximately $6.8 million for AH-1Z aircraft assemblies.
Edward J. Fred, CPI Aero’s President & CEO stated, “We are proud to have earned Bell’s trust over the past couple of years. In this uncertain defense industry environment, it is wonderful to know that now we can look forward to supporting this important DoD program through 2015.”
Source: CPI Aerostructures
Date: May 13, 2013