Benzinga | Feb 16, 2021 08:34AM EST

CPI Aero Receives $8.7M Purchase Order From U.S. Air Force for T-38 Aircraft Modification Kits

CPI Aerostructures, Inc. (CPI Aero(r)) (NYSE:CVU) today announced that it has been awarded a $8.7 million purchase order under a previously announced contract from the U.S. Air Force (the "Air Force") to provide structural modification kits, program management, logistics, and other sustainment services in support of Phase 3 of the T-38C Pacer Classic III Fuselage Structural Modification Kit Integration program ("PCIII") and the Talon Repair Inspection and Maintenance ("TRIM") program. In July 2019, the Company announced the PCIII and TRIM contract valued at up to $65.7 million. The new purchase order brings the total funded value of the contract to $24.0 million and extends the currently funded period of performance into 2024.

The Northrop T-38 has been the principal supersonic jet trainer used by the Air Force for more than 50 years. PCIII and TRIM are expected to increase the structural service life of the aircraft to beyond 2030.