CPI Aerostructures, Inc. : CPI Aero Announces New Long Term Supply Agreement to Manufacture Assemblies for Embraer
05/01/2012| 08:50am US/Eastern
CPI Aerostructures, Inc. ("CPI Aero®") (NYSE Amex: CVU) announced today
that Embraer S.A. (NYSE: ERJ; BM&FBOVESPA: EMBR3), headquartered in São
José dos Campos, Brazil, has awarded a long term supply agreement to CPI
Aero to manufacture engine inlet assemblies for the Embraer Phenom 300
business jets. CPI Aero estimates that this contract has a potential
value in excess of $40 million over the life of the Phenom's production
program. The first assemblies produced by CPI Aero are expected to be
delivered in the first quarter of 2013.
Edward J. Fred, President and CEO of CPI Aero stated, "We are extremely
excited to begin a relationship with Embraer, one of the world's premier
aircraft manufacturers which provides products for Defense, Commercial
and Business aerospace markets. This is our first contract with a
non-U.S. based customer and sets yet another milestone on CPI Aero's
path to becoming an aerostructures manufacturer with global reach. We
look forward to demonstrating our capabilities on the Phenom program and
to earning Embraer's continued business on this platform and others."
About Embraer S.A.
Embraer S.A. (NYSE: ERJ; BM&FBOVESPA: EMBR3) is the world's largest
manufacturer of commercial jets up to 120 seats, and one of Brazil's
leading exporters. Embraer's headquarters are located in São José dos
Campos, São Paulo, and it has offices, industrial operations and
customer service facilities in Brazil, China, France, Portugal,
Singapore, and the U.S. Founded in 1969, the Company designs, develops,
manufactures and sells aircraft and systems for the commercial aviation,
executive aviation, and defense and security segments. It also provides
after sales support and services to customers worldwide. On March 31,
2012, Embraer had a workforce of 17,629 employees - not counting the
employees of its partially owned subsidiaries - and its firm order
backlog totaled USD 14.7 billion. For more information, visit www.embraer.com.
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 Microcap® Index.
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.
CPI Aero is a registered trademark of CPI Aerostructures, Inc.
Vincent Palazzolo, 631-586-5200
The Equity Group Inc.
Lena Cati, 212-836-9611
© Business Wire 2012