CVU - CPI Aerostructures Inc. Delivers First Pod Structure of Latest Production Contract for Next Generation Jammer Mid-Band Program to Raytheon | Benzinga
EDGEWOOD, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE:CVU) announced today that it shipped the first Low Rate Initial Production 3 (LRIP 3) pod structure to RTX Corporation as authorized under a previously announced contract award with a maximum value of $32.6 million. Pod structure deliveries on LRIP 3 are expected through mid-2025 after which CPI Aero anticipates transitioning to Lot 4 deliveries. In addition to the pod structures, CPI Aero produces air management system (AMS) components integral to the Next Generation Jammer Mid-Band (NGJ-MB) program.
"Last year, CPI successfully delivered 20 NGJ-MB pod structures and associated AMS components, demonstrating our ability to ramp up and meet the Low Rate Initial Production. Today's announcement is evidence of our continued commitment to RTX Corporation and the U.S. Navy for this critical program, as we continue to support our customer and the warfighter needs by delivering on or ahead of schedule," stated Dorith Hakim, president and CEO of CPI Aero.
About CPI Aero: CPI Aero is a U.S. manufacturer of ...