Benzinga | Mar 17, 2021 08:31AM EDT

CPI Aerostructures Receives $9.2M Follow-On Order From Lockheed Martin For F-16 Structural Assemblies

Firm Orders Under Multi-Year Contract Now Total Approximately $17.9 Million

EDGEWOOD, N.Y., March 17, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero(r)") (NYSE:CVU) today announced that it was awarded a follow-on order from Lockheed Martin (NYSE:LMT) to manufacture structural assemblies for new production F-16 Block 70/72 aircraft the newest and most advanced F-16 production configuration.

In February 2019, CPI Aero announced a multi-year contract with Lockheed Martin to provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16 and has received a number of orders since then. This new order, the largest order under this contract thus far, more than doubles the order book for this structural assembly to $17.9 million. Recently, CPI Aero delivered the first production unit to Lockheed Martin. Deliveries under the order announced today are expected to occur in 2022 and 2023.

CPI Aero president and CEO Douglas McCrosson stated, "CPI is proud to be the single source supplier of RI/DCC assemblies for the F-16 Block70/72. Last August, the USAF and Lockheed Martin announced the 10 Year Indefinite-Delivery/Indefinite-Quantity contract in support of Foreign Military Sales Orders for the F-16. We believe that this contract vehicle will facilitate and accelerate foreign sales of this iconic aircraft and we look forward to supplying RI/DCC assemblies for many years to come. As a supplier on multiple Lockheed Martin platforms, including the F-35, the world's premier 5th Generation fighter, and numerous Sikorsky helicopters, we thank the company for its continued confidence in CPI Aero's execution capabilities."