30 juillet 2019 | International, Aérospatial
July 29, 2019 - Edgewood, NY -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it has been awarded a $65.7 million indefinite-delivery/indefinite-quantity (IDIQ) contract from the United States Air Force to provide structural modification kits, program management, logistics, and other sustainment services in support of Phase 3 of the T-38C Pacer Classic III Fuselage Structural Modification Kit Integration program (“PC III”) and the Talon Repair Inspection and Maintenance (“TRIM”) program. The company also received its first delivery order under the contract valued at $3.4 million for which work will commence immediately.
For more than 50 years, the Northrop T-38 has been the principal supersonic jet trainer used by the US Air Force. PC III and TRIM are expected to increase the structural service life of the T-38 beyond 2030. PC III is a three-phase aircraft modification program that began in 2011 to increase the structural service life of a certain number of T-38C Talon aircraft. Requirements for Phase I were fulfilled by Northrop Grumman Technical Services. In 2015, CPI Aero was awarded Phase 2 of PC III and is currently supplying kits and services to the USAF under that contract through 2021. Under the new contract announced today, CPI will support the final phase of PC III as well as TRIM. The TRIM program is a separate USAF structural modification effort that will extend the structural service life of T-38A and T-38 model types, as well as, T-38C models that were not modified during PC III.
Douglas McCrosson, President and CEO of CPI Aero, stated, “We are honored to have been chosen by the U.S. Air Force to continue our work on PC III and begin work on TRIM , two programs that are essential to the critical mission of training our future military aviators. This contract recognizes our excellent past performance as a prime contractor to the USAF and our long history with the T-38 platform that dates back to 2001. It is a testament to our reputation as an exceptional supply chain partner and leverages the investments we have made in developing world class engineering, supply chain management and program management capabilities.”
For the PCIII Phase III requirement, the period of performance is anticipated as a three-year ordering period, with an additional one year for delivery after an order is placed. For the TRIM requirement, the period of performance is anticipated as a 10-year ordering period, with an additional one year for delivery after an order is placed.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare 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. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2018, and Form 10-Q for the three-month period ended March 31, 2019.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact:
Vincent Palazzolo
Chief Financial Officer
CPI Aero
(631) 586-5200
www.cpiaero.com
Investor Relations Counsel:
LHA Investor Relations
Sanjay M. Hurry/Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
View source version on CPI Aero: http://www.cpiaero.com/cpi-aero-announces-%2465.7m-air-force-contract.html
30 mai 2023 | International, Autre défense
Ukraine "desperately hopes" that South Korea will provide defensive military equipment such as anti-aircraft systems to fend off Russian attacks, President Volodymyr Zelenskiy was cited as saying in an interview with a South Korean newspaper.
13 novembre 2019 | International, Aérospatial
By: Aaron Mehta and Valerie Insinna WASHINGTON — The U.S. Air Force expects to resolve a safety issue with the cargo capability of its KC-46A Pegasus tanker within “months,” the service's top acquisition official said Tuesday. Will Roper said he is “confident” the issue would get fixed and that the problem,— which has led the Air Force to stop the tankers from flying with cargo in their holds — was not his top concern for the Boeing-made plane. “The issue with the locks was identified. We're working options currently with Boeing and their supplier,” Roper said at a breakfast hosted by the Defense Writers Group. “We're looking to our operators to tell us which one of the solutions that have been identified is the one that they prefer." In September, Defense News first reported that the KC-46 was restricted from carrying either cargo or people in the back of the aircraft. The restriction was set after a recent flight where cargo locks on the bottom of the aircraft's floor became unlocked, creating concerns that airmen could be hurt or killed by heavy equipment that suddenly bursts free during a flight. It has been a rough year for the KC-46. The Air Force suspended KC-46 flights at Boeing's production line in Everett, Washington, this February after finding debris. Then it paused all tanker deliveries in March as the service investigated the extent of the problem. The service began accepting tankers again later that month, only for deliveries to stop — and restart — in April due to similar problems. The cargo issue represents the fourth category 1 deficiency for the tanker, and the issues are becoming increasingly expensive for Boeing: The company is locked into a fixed-price contract, which means it is responsible for paying for a expenses beyond the initial $4.9 billion award for development of the aircraft. So far, the company has paid more than $3.5 billion of its own money to fund corrections to ongoing technical issues. The other three issues are: The remote vision system, or RVS — the camera system that allows KC-46 boom operators to steer the boom into a receiver aircraft without having to look out a window and use visual cues — provides imagery in certain lighting conditions that appears warped or misleading. Boeing has agreed to pay for potentially extensive hardware and software fixes, but the Air Force believes it could be up to four years until the system is fully functional. The Air Force has recorded instances of the boom scraping against the airframe of receiver aircraft. Boeing and the Air Force believe this problem is a symptom of the RVS' acuity problems, and that the problem will be eliminated once the camera system is fixed. Boeing must redesign the boom to accommodate the A-10 plane, which currently does not generate the thrust necessary to push into the boom for refueling. This problem is a requirements change by the Air Force, which approved Boeing's design in 2016. Last month, Boeing received a $55.5 million contract to begin work on the new boom actuator. Roper said the cargo issue “goes into the kind of normal deficiency space” and noted that it's the type of issue that is discovered by the normal testing process. The more long-term issues, such as the remote visual system, are “the areas I keep the most focus on,” he said. https://www.defensenews.com/air/2019/11/12/kc-46-cargo-solution-still-months-away/
17 septembre 2021 | International, Naval
The Australian government has established a Future Nuclear Submarine Task Force which will work with U.K. and U.S. counterparts over the next twelve to eighteen months to determine the best way to acquire the boats.