CPI Aero Receives New Orders from Cessna Totaling $4 M
- New orders increase funded value of Citation X+ wing spar assemblies to $9.3 million
CPI Aerostructures, Inc. (CPI Aero®) (NYSE MKT:CVU) today announced that it received a purchase order from Cessna Aircraft Company, part of the Textron Aviation segment of Textron Inc. (NYSE:TXT), to supply wing spar assemblies on their flagship aircraft, the Citation X+. This order is for approximately $4 million and is a follow-on to the long-term agreement (LTA) announced in October 2012. CPI Aero estimates the total value of this LTA to be approximately $41 million through 2019. The total value of firm orders under this LTA is now approximately $9.3 million. CPI Aero commenced deliveries to Cessna in 2013.
CPI Aero currently manufactures eleven different structural assemblies, including nine spar assemblies for the Citation X+ aircraft. A wing spar is the primary structural component of a wing and runs from the fuselage to the wingtip. The longest spar assembly for the Citation X+ aircraft is more than 29 feet long.
Global Commercial Aircraft Video Surveillance Industry 2015 Market Research Report
Originally introduced into service in 1996 as the Citation X, the newly developed Citation X+ was first announced at the National Business Aviation Association (NBAA) convention in 2010. The Citation X+ is expected to be certified in early 2014, with deliveries starting shortly after. The Citation X+ features the same supercritical wing as the Citation X and is powered by the new AE3007C2 high by-pass ratio Rolls Royce engines that qualify the Citation X+ as the fastest operational civilian jet in the world.
Your company’s press release on ASDNews and to thousands of other journalists and editors? Use our ASDWire press release distribution service.
Source : CPI Aerostructures, Inc.