CPI Aerostructures, Inc. (CPI Aero®) (NYSE MKT: CVU) today announced that it received a purchase order from the Cessna Aircraft Company to supply wing spar assemblies on their flagship aircraft, the new Citation X+. Cessna is a subsidiary of Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company. This purchase order is valued at approximately $3 million and is a follow-on to the long-term agreement (LTA) announced in October 2012. The total value of firm orders under this LTA is now approximately $12.2 million. CPI Aero commenced deliveries to Cessna in 2013. This new order extends production backlog through late 2016.
CPI Aero currently manufactures eleven different structural assemblies, including nine spar assemblies for the new 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.
The new Citation X+, certified by the U.S. Federal Aviation Administration in June 2014, has seating for up to 12 passengers, a maximum altitude of 51,000 feet, an unmatched maximum speed of Mach 0.935 and an increased max range of 3,429 nautical miles. The Citation X+ features the same supercritical wing as the legacy 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.
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