CPI Aerostructures

Last updated
CPI Aerostructures
IndustryManufacturing
FoundedJanuary 1980
FounderArthur August
HeadquartersEdgewood, New York
Key people
Douglas J. McCrosson
Vincent Palazzolo
Dan Azmon
Productsaircraft components
Website www.cpiaero.com

CPI Aerostructures Inc., known as CPI Aero, is a contract aircraft component manufacturer based in Edgewood, New York.

Contents

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]

History

CPI was founded as Composite Products International, Inc. in January 1980 by Arthur August, formerly of Grumman. The name was changed to Consortium of Precision Industries, Inc. in 1989, then to CPI Aerostructures, Inc. in 1992, and began using the CPI Aero trademark in 1995. [4] [1]

On December 30, 2018, CPI Aero acquired Welding Metallurgy Inc. and its subsidiary Compac Development Corp for $7.9 million. The combination of the two are referred to as "WMI", was founded in 1979 and specializes in aviation electrical harnesses, electromechanical, and printed circuit boards. [4]

On April 21, 2020, CPI announced they had received $4.8 million in federally backed small business loans, the maximum allowable amount, as part of the Paycheck Protection Program. The company received scrutiny over this loan, which was aimed at small businesses suffering from the COVID-19 pandemic. The New York Times noted that this payment was given to a company that has had major accounting problems. [5] [4] In September 2021 the company received a delisting notice from NYSE American. [6] This was resolved in September 2022, with the company remaining listed. [7]

Related Research Articles

Bombardier Inc. is a Canadian business jet manufacturer. Headquartered in Montreal, the company was founded in 1942 by Joseph-Armand Bombardier to market his snowmobiles and became one of the world's biggest producers of aircraft and trains.

The Lockheed Martin Corporation is an American aerospace and defense manufacturer with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in North Bethesda, Maryland. As of January 2022, Lockheed Martin employs approximately 115,000 employees worldwide, including about 60,000 engineers and scientists.

Bombardier Aviation is a division of Bombardier Inc. It is headquartered in Dorval, Quebec, Canada. Its most popular aircraft included the Dash 8 Series 400, CRJ100/200/440, and CRJ700/900/1000 lines of regional airliners, and the newer CSeries. It also manufactured the Bombardier 415 amphibious water-bomber, and currently makes the Global Express and the Challenger lines of business jets.

<span class="mw-page-title-main">Northrop Grumman</span> American aerospace, defense corp. founded 1994

Northrop Grumman Corporation is an American multinational aerospace and defense company. With 95,000 employees and an annual revenue in excess of $30 billion, it is one of the world's largest weapons manufacturers and military technology providers. The firm ranked No. 101 on the 2022 Fortune 500 list of America's largest corporations.

Litton Industries, Inc., was an American defense contractor that specialized in shipbuilding, aerospace, electronic components, and information technology. The company was founded in 1953 and was named after inventor Charles Litton Sr., who was also an early investor in the company.

<span class="mw-page-title-main">Northrop Grumman X-47A Pegasus</span> Demonstration vehicle in the US Navy

The Northrop Grumman X-47 is a demonstration unmanned combat aerial vehicle. The X-47 began as part of DARPA's J-UCAS program, and is now part of the United States Navy's UCAS-D program to create a carrier-based unmanned aircraft. Unlike the Boeing X-45, initial Pegasus development was company-funded. The original vehicle carries the designation X-47A Pegasus, while the follow-on naval version is designated X-47B.

Boeing Australia, is Boeing's largest subdivision outside the United States. Established in 1997, the company oversees its seven wholly owned subsidiaries, consolidating and co-ordinating Boeing's businesses and operations in Australia.

<span class="mw-page-title-main">Vought</span> 1917–1992 series of American aerospace companies

Vought was the name of several related American aerospace firms. These have included, in the past, Lewis and Vought Corporation, Chance Vought, Vought-Sikorsky, LTV Aerospace, Vought Aircraft Companies, and Vought Aircraft Industries.

<span class="mw-page-title-main">Spirit AeroSystems</span> American aerostructure manufacturing company

Spirit AeroSystems Holdings, Inc. is an American manufacturer of aerostructures for commercial airplanes, headquartered in Wichita, Kansas. The company produces fuselage sections for Boeing's 737 and 787 aircraft, as well as the flight deck sections for a majority of Boeing airliners. Spirit also supplies Airbus with fuselage sections and front wing spars for the A350 and wings for the A220. Spirit's primary competitors in the aerostructures market include Collins Aerospace, Kawasaki Heavy Industries, Leonardo, and Triumph Group.

<span class="mw-page-title-main">Celadon Group</span> Former American truckload shipping company

Celadon Group, Inc. was a truckload shipping company located in Indianapolis, Indiana. It was one of the ten largest truckload carriers in North America and at its peak operated 4,000 trucks and owned an additional 11,000 trucks through Quality Equipment, its leasing division.

<span class="mw-page-title-main">KC-X</span> US Defense department procurement program for next-generation tanker aircraft

KC-X was the United States Air Force (USAF) program to procure its next-generation aerial refueling tanker aircraft to replace some of their older Boeing KC-135 Stratotankers. The contest was for a production contract for 179 new tankers with estimated value of US$35 billion. The two contenders to replace the KC-135 aircraft were Boeing and EADS, following the elimination of US Aerospace, Inc. from the bidding process.

Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. In 2015 it ranked 322nd overall and 9th in the aerospace and defense industry. In 2014 it ranked 133rd on the S&P 500 based on market capitalization. In January 2016, the company became a wholly owned subsidiary of Berkshire Hathaway. Before that event, it used to be one of the three Fortune 500 companies headquartered in Oregon.

<span class="mw-page-title-main">EADS/Northrop Grumman KC-45</span> Proposed aerial refueling tanker aircraft

The EADS/Northrop Grumman KC-45 was a proposed aerial refueling tanker aircraft based on the Airbus A330 MRTT. The United States Air Force (USAF) had ordered 179 KC-45As in the first stage of replacing the aging Boeing KC-135 Stratotanker tankers currently in service. However, the contest was reopened in July 2008, after Boeing's protest of the award was upheld. In response to the new contest, on 8 March 2010, Northrop Grumman announced it was abandoning its bid for the new contract, with its CEO stating that the revised bid requirement favoured Boeing. On 20 April 2010, EADS announced it was re-entering the competition and entered a bid with the KC-45. Eventually, the USAF selected the Boeing KC-46 Pegasus.

Triumph Group, Inc. is an American supplier of aerospace services, structures, systems and support. Based in Radnor, Pennsylvania, United States, Triumph engineers, designs, and manufactures aircraft components, systems, and accessories. Several services and products are offered through three of their operating organizations, Integrated Systems, Aerospace Structures, and Product Support.

<span class="mw-page-title-main">Orbital ATK</span> American aerospace and defense company

Orbital ATK Inc. was an American aerospace manufacturer and defense industry company. It was formed in February 9, 2015 from the merger of Orbital Sciences Corporation and parts of Alliant Techsystems (ATK). Orbital ATK designed, built, and delivered rocket engines, military vehicles, firearms, autocannons, missiles, ammunition, precision-guided munitions, satellites, missile approach warning systems, launch vehicles and spacecraft. The company was acquired by Northrop Grumman on June 6, 2018. The former Orbital ATK operations were renamed Northrop Grumman Innovation Systems and operated as a division until January 1, 2020 when a reorganization merged the operations into the company's other divisions.

Fisker Inc. is an American automotive company founded by Danish automotive designer Henrik Fisker and his wife Geeta Gupta-Fisker.

Workhorse Group Incorporated, originally AMP Electric Vehicles, is an original equipment manufacturer and technology company headquartered in Sharonville, Ohio, U.S. Workhorse makes commercial electric vehicles and telematics software designed for last-mile delivery. Their products include commercial electric vehicles and the Metron telematics software system.

Phunware Inc. is an American mobile software and blockchain company. It produces mobile applications for advertising and marketing purposes such as personalized ad targeting, location tracking, and cryptocurrency brand loyalty programs.

Amplify Energy Corp is an oil company based in Houston, Texas. It trades as NYSE: AMPY and has 230 employees.

References

  1. 1 2 "CPI Aerostructures, Inc. 10-K Apr. 1, 2019 4:28 PM". Seeking Alpha. Retrieved 29 April 2020.
  2. ↑ "LI defense firm's stock plunges 27% after disclosure". Newsday. Retrieved 29 April 2020.
  3. ↑ "2020 News". cpiaero.com. Retrieved 29 April 2020.
  4. 1 2 3 Bakshi, Akanksha (13 April 2020). "CPI Aerostructures secures $4.8M loan (NYSEMKT:CVU)". Seeking Alpha. Retrieved 29 April 2020.
  5. ↑ Silver-Greenberg, Jessica; Enrich, David; Drucker, Jesse; Cowley, Stacy (26 April 2020). "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". The New York Times . Retrieved 28 April 2020.
  6. ↑ "SEC CPI form 8-K". sec.gov. 17 September 2021. Retrieved 23 September 2021.
  7. ↑ "Form 8-K termination of delisting". sec.gov. 30 September 2022. Retrieved 30 September 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.