CPI Aerostructures
From Wikipedia, the free encyclopedia
 | |
| Industry | Manufacturing |
|---|---|
| Founded | January 1980 |
| Founder | Arthur August |
| Headquarters | Edgewood, New York |
Key people | Douglas J. McCrosson Vincent Palazzolo Dan Azmon |
| Products | aircraft components |
| Website | www |
CPI Aerostructures Inc., known as CPI Aero, is a contract aircraft component manufacturer based in Edgewood, New York.
CPI's primary customers are the US Department of Defense, and also operating as a subcontractor under Boeing and Northrop Grumman.
CPI is traded on NYSE American as CVU. The company has approximately 280 employees and hires temporary employees as needed. The CEO is Douglas J. McCrosson.[1]
After Vincent Palazzolo resigned in November 2019 in a cloud of financial problems, Dan Azmon (formerly L3 Technologies) was announced as CFO on November 19, 2019. Azmon resigned in February 2020 and the company announced it would restate its books going back to March 2018.[2]
In 2018, CPI Aero reported $83.9 million in gross revenue, $18.1 million in gross profit, and net income of $2.2 million. Approximately half that was in government subcontracts, another 40% in commercial contracts, and the remainder under prime government contracts.
Large 2019–2020 contracts include an Air Force contract for T-38C trainer parts, E-2 Hawkeye for Northrop Grumman assemblies, A-10 re-winging for Boeing, parts for Turkish Aerospace Industries's indigenously produced T70 rotorcraft, Hover Infrared Suppression System (HIRSS) for the Sikorsky UH-60 Black Hawk, and structural assemblies for Lockheed's F-16V.[3]