EDGEWOOD, N.Y., Oct.  12, 2023  (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or the "Company") (NYSE American: CVU) today announced that it has delivered its first B-52 Radar Rack Structure to Raytheon, an RTX business under an IDIQ contract signed in late 2021 with a ceiling value of $20 million. Under this first phase of the IDIQ contract, CPI Aero is building and delivering 9 development units and 2 spares, along with completing the tooling and other non-recurring engineering efforts. Deliveries of the remaining rack structures will continue into 2024.

In 2019, Boeing awarded Raytheon a contract for the radar in support of the U.S. Air Force's B-52 Radar Modernization Program, a critical upgrade as the US Air Force plans to operate the B-52 bombers in frontline service through 2050 and beyond.

"This B-52 program is one of multiple new programs on-boarded at CPI Aero in 2022, including multiple airborne pod structures supporting critical Intelligence, Surveillance, and Reconnaissance missions," said Dorith Hakim, president and CEO of CPI Aero. "CPI Aero is proud to support Raytheon on this important B-52 Radar Modernization Program. This first delivery demonstrates CPI Aero's continued commitment to manufacturing excellence in our Aerosystems business unit, the fastest growing segment of our business."

About CPI Aero

CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services.