CPI Aero gains $12.7M Air Force deal
The U.S. Air Force Boeing A-10 Thunderbolt, known as a Warthog. Credit: U.S. Air Force
Edgewood-based CPI Aerostructures Inc. has received its first new purchase order for the year -- a $12.7-million deal from Boeing’s defense, space and security division.
CPI will provide wing parts for the A-10 Thunderbolt -- also known as the Warthog -- a combat support and attack aircraft first produced in 1972 and deployed in both the Afghanistan and Iraq wars.
By the close of business Wednesday, when CPI first announced the Boeing order, its shares rose 86 cents to close $12.96. Thursday morning CPI shares continued to climb, up 6 cents to $13.02.
The Boeing follow-on order is linked to a previously announced long-term contract to support the A-10 wing replacement program.
The entire A-10 wing replacement contract between Boeing and CPI Aero is worth up to $84 million, and involves structural parts for 242 enhanced wings.
In its Wednesday news announcement, CPI Aero also disclosed a financial detail for the 2011 calendar year. It said new business awards from all customers for the year was about $83.6 million, compared to $61.7 million the previous year.
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