CPI Aero Selected by Sikorsky Aerospace Services for Overhaul and Repair of H-60 SEAHAWK ® Stabilator Units Worth $5.3 Million over Three Years
EDGEWOOD, N.Y.--(BUSINESS WIRE)-- CPI Aerostructures, Inc. (CPI Aero®) (NYSE MKT: CVU) has been selected by Sikorsky Aerospace Services (SAS) to overhaul and repair (O&R) outboard stabilator assemblies for the H-60 SEAHAWK® helicopter. SAS is the worldwide aftermarket business of Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYS: UTX) .
CPI Aero will inspect, overhaul and repair stabilator assemblies under this first new O&R contract, with deliveries scheduled to commence in January 2013.
Originally introduced into service in 1984, the H-60 SEAHAWK is a maritime variant of the H-60 BLACK HAWK helicopter, which has a folding tail section and stabilator to make the aircraft easier to operate in the confined space onboard ships. It is used in a number of roles such as Search and Rescue (SAR), Anti-Submarine Warfare (ASW) and Casualty Evacuation (CASEVAC). The US Navy has 395 H-60 variants in service at this time.
"We are very proud that Sikorsky, one of the world's leading helicopter manufacturers, has once again selected us to provide important assemblies for its support of H-60 SEAHAWK helicopters," stated Edward J. Fred, CPI Aero's CEO & President. "This $5.3 million contract is significant as it represents a first for CPI Aero in the field of Overhaul and Repair, which is a logical development from our core manufacturing skills. It is also notable as it comes just after CPI Aero has successfully retained UTC/Sikorsky Supplier Gold status for the second year running."
About Sikorsky Aerospace Services
Sikorsky Aerospace Services provides comprehensive support to rotary and fixed wing aircraft throughout the world. It offers its military and commercial customers a full portfolio of support services through its aftermarket companies: Derco Aerospace, Inc., Helicopter Support, Inc., Sikorsky Aerospace Maintenance, Composite Technology, Inc., and Sikorsky Helitech.
Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in helicopter 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. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. 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 E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and the New Cessna Citation X. CPI Aero is included in the Russell 2000® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2011 and CPI Aero's Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.
CPI Aero is a registered trademark of CPI Aerostructures, Inc.
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