CPI Aerostructures, Inc. (CPI AeroÂ®) (NYSE MKT: CVU) announced today that it has been selected by Sikorsky Aircraft Corp. (Sikorsky) to manufacture fuel panel assemblies for the H-60 BLACK HAWK helicopter. Sikorsky Aircraft Corp. is a subsidiary of United Technologies Corp. (NYSE: UTX). This long-term agreement is valued at approximately $47 million for a period of five years.
Since 2010, Sikorsky has contracted with CPI Aero for the assembly labor of the BLACK HAWK fuel panels using components supplied by Sikorsky. To-date, CPI Aero has delivered more than 350 fuel panels to support the BLACK HAWK production line. Under the terms of the new agreement, CPI Aero will perform all manufacturing tasks for these assemblies, including purchasing all detail parts and components and managing the supply chain. CPI Aero will continue to manufacture fuel panels on an outsource basis as this new agreement transitions into full production during the third quarter of 2013.
Including this new order, total new contract awards from all customers for 2013 is approximately $68 million, as compared to approximately $45 million in new contract awards for the same period in 2012.
More than 3,000 BLACK HAWK helicopters are in use today, operating in 29 countries. Designed to stringent U.S. Military standards, the BLACK HAWK helicopter has become the leader in multi-mission-type aircraft. Among the mission configurations it serves are troop transport, medical evacuation, electronic warfare, attack, assault support and special operations.
Source: CPI Aerostructures, Inc.
Date: Jul 24, 2013