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CPI Aerostructures, Inc. (AMEX:CVU) bagged its second multi-year contract from Lockheed Martin Corporation (NYSE: 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.
