Benzinga | Nov 1, 2021 08:41AM EDT

CPI Aerostructures Reports An Undisclosed Aerospace Original Equipment Manufacturer Awarded Co. $1M Contract For Complex Welded Fluid Tank Assemblies For An Unspecified Application

CPI Aerostructures, Inc. ("CPI Aero(r)") (NYSE:CVU) announced today that an undisclosed aerospace OEM has awarded CPI Aero a $1 million contract for complex welded fluid tank assemblies for an unspecified application. First deliveries will begin in mid-2022 and end in 2023.

"CPI has worked with the customer to mature the design and productionize the build, which involves complex fusion and resistance welding," commented Douglas McCrosson, president and chief executive officer of CPI Aero. "In addition, we have made strategic investments in our welded products that have put us in position to capture new work such as these fluid tanks. These investments include added engineering and program management resources, the development of a well-trained and highly skilled precision welding workforce, increased welding capacity and throughput, and the establishment of internal non-destructive testing capabilities. We appreciate that our efforts are being recognized," McCrosson continued.