03:49
-4 C°
Traffic jam:   0
$
69.3372
75.4062

Companies

Description

CPI Aerostructures 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.

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.

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 Northrup 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.

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.

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.

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. In September 2021 the company received a delisting notice from NYSE American.

Rating GlobalNY.biz

Take place
general
№310
general
Take place
area
№47
area

Discussion

NEW YORK COMPANIES


New York business portal GlobalNY.biz includes a huge directory of organizations operating in New York. Here you can easily find all the necessary information about the company. The organization card contains a full info page with a detailed description of the company's activities, logo, contact details and a link to the organization's official website. The reader can also immediately familiarize himself with the staff of the company, see the latest press releases and news block, and also see what line of the rating the company occupies. The rating of a member of the GlobalNY.biz business portal is calculated based on the number of mentions in the New York news and posted press releases containing information about the organization's activities and its achievements. You can also rise in the rating by publishing vacancies, as well as the number of registered persons. At the same time, company representatives can independently see how many times the company's card has been viewed on GlobalNY.biz, as well as promptly correct the information.
We pay special attention to the multifunctionality of the "Companies" section. For your convenience, there is a search box, as well as an industry heading.
New York Business Portal is always up-to-date database of New York enterprises!
Alena Potapova

Development Director
Population
8012024263
Died this year
4744757
Born this year
11672942