CPI Aero Announces $14 M in Purchase Orders for Wing Kits from NGC
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) today announced that it received orders totaling approximately $14 million from Northrop Grumman Corporation (NYSE:NOC) for Outer Wing Panel (OWP) kits. The kits are for use in the manufacture of complete wings for the C-2 Greyhound and the Japan Air Self-Defense Force E-2C airborne early warning and control aircraft. The C-2 Greyhound's primary mission is to transport high-priority cargo, critical aircraft parts, mail and passengers to deployed Carrier Strike Groups.
CPI Aero has produced OWP kits for the E-2D Advanced Hawkeye and the C-2A Greyhound aircraft, which share a common wing design, since June 2008. This is CPI Aero’s first purchase order for OWP kits to be used on an E-2C Hawkeye operated by an international customer. There are currently over 100 aircraft in operation around the world with one-third of those being operated by other countries. Since 2008, CPI Aero has received orders for OWP kits totaling approximately $80 million. These new awards were received late last year and were included in the previously announced $122.3 million in total awards for 2013.
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Source : CPI Aerostructures, Inc.