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.
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.
Source: CPI Aerostructures, Inc.
Date: May 20, 2014