EDGEWOOD, N.Y. - CPI Aerostructures, Inc. announced that it has received multiple purchase orders valued in aggregate at approximately $43.1 million from Northrop Grumman Corp. for outer wing panel kits used in the manufacture of complete wings for the E-2D Advanced Hawkeye. In February 2019, CPI Aero received an $8.1 million order for the first year of a multi-year contract with an expected value of up to $47.5 million. With the addition of these new orders the total value of firm orders under the multi-year contract to CPI Aero is approximately $51 million as the total expected quantity of wing kits has increased.
"We have enjoyed an exceptional relationship with Northrop Grumman since 2008 as part of 'Team Hawkeye'. Having provided the structural kits used to manufacture the wings on every E-2D Advanced Hawkeye in the U.S. Navy's fleet over that time, we are very pleased to continue for the remainder of the current program of record," stated Douglas McCrosson, chief executive officer of CPI Aero. "Work under these new orders has already commenced with the vast majority of revenue expected to be recognized in 2020 and 2021 with deliveries scheduled through 2023."