CPI Aerostructures Announces Decision to Expand Manufacturing Operations on Long Island
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- Company Will Retain Existing Jobs and Add 85 New Full-Time Jobs Over Five Years -
- Company Will Receive Up to $3.75 Million From Empire State Development and Remain and Grow in New York State -
EDGEWOOD, N.Y., Feb. 18, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today announced that Empire State Development (ESD) has awarded the company up to $2.7 million in Excelsior Jobs tax credits and an ESD Capital Grant of $1.05 million as incentive for CPI Aero to remain headquartered and grow in New York State. CPI Aero has committed to remaining on Long Island. To receive the maximum award, the Company over the next five years expects to invest over $5.7 million in new equipment, upgrades, and facility improvements, retain its current workforce and add 85 new full-time jobs. In connection with the New York State incentive, CPI has extended the term of its current leased facility in Edgewood, NY into 2023. After this term expires, CPI Aero is expected to either remain at its current location or relocate to a newly constructed and leased building adjacent to Long Island MacArthur Airport.
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, "CPI Aero’s decision to expand its manufacturing facilities in Suffolk County, where it has been headquartered for more than 40 years, is a vote of confidence in New York State. By doing so, the company will continue to contribute to Long Island’s historic role in aerospace innovation, supported by a skilled 21st century workforce that will support its future growth and success." Douglas McCrosson, CEO and President of CPI Aero said “Long Island has a storied history in aviation and for the past 40 years CPI Aero is proud to have played our part in this heritage. As a manufacturer, we compete on a global basis and it is essential that we maintain our competitive edge. As we explored potential alternatives to New York, it became clear that other states could potentially offer operating cost savings but they couldn’t replicate what has been the secret to our success - our talented workforce and a labor pool with the aerospace and defense manufacturing skills that will be needed to support our growth plans. I’d like to acknowledge the efforts of the our many state and local partners that recognize the economic contributions CPI Aero makes to Long Island and New York State and who have made our decision to remain and grow in the Empire State an easy one.” About Empire State Development Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of "I LOVE NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
About CPI AeroCPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance 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, 2019, and Form 10-Q for the three-month periods ended March 31, 2020, June 30, 2020, and September 30, 2020.
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