CPI Aerostructures Bags Multi-Year Order From Lockheed Martin For F-16 Aircraft Structures

CPI Aerostructures, Inc. CVU bagged its second multi-year contract from Lockheed Martin Corporation LMT to manufacture structural assemblies for F-16 Block 70/72 fighter aircraft.

The long-term agreement not to exceed $34.4 million and an initial $10.4 million order.

CPI Aero will provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16. 

The RI/DCC is a large structural sub-assembly installed under the vertical tail section of the aircraft. 

CPI Aero delivered its first RI/DCC assembly for the F-16 Block 70/72 in June 2021. 

"This second follow-on multi-year contract demonstrates Lockheed Martin's confidence in CPI to deliver critical aerostructure assemblies in support of the F-16, a 4th generation fighter aircraft that offers advanced capabilities to air forces around the world," stated Dorith Hakim, CPI Aero's CEO & President.

Deliveries are expected to begin in 2025 and continue through 2028.

Price Action: CVU shares are trading higher by 1.07% to $3.79 on the last check Monday.