Business & Finance
Business and Finance
Business and Finance
Thu, August 26, 2010
Wed, August 25, 2010 CPI Aerostructures Announces Order from Sikorsky Aircraft for Outer Wings for Fixed Wing Reconnaissance Aircraft
EDGEWOOD, N.Y.--([ BUSINESS WIRE ])--CPI Aerostructures, Inc. (aCPI Aero®a) (NYSE Amex: CVU) announced today that it has received a purchase order from Sikorsky Aircraft for the manufacture of outboard wing assemblies for the SA-338B maritime patrol aircraft. Sikorsky Aircraft is a subsidiary of United Technologies Corp. (NYSE:UTX).
"We have a long and valued relationship with Sikorsky and are pleased that this partnership has now expanded to the Horseheads-based subsidiary. While the initial requirement for the SA-338B wings is small, we are hopeful that it will lead to more sizable orders once the aircraft enters production."
CPI Aero will be providing outer wing assemblies for two aircraft plus a separate wing designated for structural testing. Delivery of these assemblies is expected to begin in late 2010.
Edward J. Fred, CPI Aeroa™s President and CEO stated, aWe have a long and valued relationship with Sikorsky and are pleased that this partnership has now expanded to the Horseheads-based subsidiary. While the initial requirement for the SA-338B wings is small, we are hopeful that it will lead to more sizable orders once the aircraft enters production.a
The SA-338B Shadow Hawk aircraft is a two or three-seat, fixed gear, low wing, [ twin boom ] aircraft. The SA-338B aircraft is designed to fly slowly along a coastline at an altitude of about 1,500 to 2,000 feet. Its primary mission [ applications ] include border protection, counter drug activities, intelligence collection against regional instabilities, fisheries patrol, environmental monitoring, and search and rescue. Sikorsky is marketing the SA-338B to the United States Coast Guard and the Department of Homeland Security.
About Sikorsky Aircraft Corp.
Sikorsky Military Systems, a Sikorsky company, develops and produces military aircraft systems and their derivatives for the U.S. Government and international military customers under FMS contracts. Its portfolio includes the H-60 line of helicopters, including BLACK HAWK, SEAHAWK, JAYHAWKa" and the H-53 line of heavy lift helicopters, the VH-3D and VH-60N helicopters for the presidential fleet, and fixed wing reconnaissance aircraft.
Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in aircraft design, manufacture and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the A-10 Thunderbolt attack jet, E-2D Hawkeye surveillance aircraft, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aeroa™s SEC reports, including CPI Aeroa™s Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
