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CPI Aerostructures, Inc. (CPI Aero
®) (NYSE MKT: CVU) has been awarded a $1 million contract by Northrop Grumman Corporation (NYSE:NOC) to manufacture pod structural housings for the Airborne Laser Mine Detection System (ALMDS).
In April 2012, the U.S. Navy issued a contract modification to Northrop Grumman to begin low rate initial production (LRIP) Lot 4. CPI Aero will manufacture a total of four pod structural housings under this new contract, with deliveries scheduled to commence in mid-2013.
To date, CPI Aero has delivered 10 ALMDS pod structural housings for LRIP Lots 1 through 3. Northrop Grumman’s ALMDS is part of the mine countermeasure mission package on the U.S. Navy’s new Littoral Combat Ship and is designed for rapid wide-area reconnaissance and assessment of anti-ship mines in coastal waters, harbors, confined straits, choke points and amphibious assault areas where aircraft carriers and expeditionary strike groups must operate. The ALMDS uses pulsed laser light and streak tube receivers housed in an external equipment pod on the MH-60S helicopter. The pod structural housings to be built by CPI Aero are pressurized and thermally conditioned structural assemblies that contain the ALMDS laser and electronics.
About Northrop Grumman
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in aerospace, electronics, information systems, and technical services to government and commercial customers worldwide.
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, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell 2000
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 quarter ended March 31, 2012.