CPI Aerostructures awarded lot 4 production contract for NGJ-MB by Raytheon
CPI Aerostructures Manufacturing Contract: CPI Aerostructures has been authorized by Raytheon Technologies to manufacture pod structures and air management system components for the Next Generation Jammer Mid-Band (NGJ-MB) program, with a contract value of up to $33.4 million.
Production Details: The Lot 4 contract involves the production of 34 pods, with deliveries expected to start in the second half of 2025, enhancing the capabilities of the EA-18G and F/A-18E/F aircraft in electronic warfare operations.
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What Caused CPI Aerostructures (CVU) Stock to Surge More Than 17% in After-Hours Trading?
Stock Performance: CPI Aerostructures Inc. (NYSEAMERICAN: CVU) shares surged 17.52% in after-hours trading, reaching $3.69, despite being down 27.15% year to date.
New CFO Appointment: Robert Mannix has been appointed as the new Chief Financial Officer and Secretary, succeeding Pamela Levesque, with a base salary of $300,000 and eligibility for bonuses starting in fiscal 2026.
Mannix's Background: Mannix brings extensive experience from previous roles at West Technology Group LLC, Verint Systems Inc., and Motorola Inc., along with 11 years at Ernst & Young.
Market Insights: CPI Aerostructures has a market capitalization of $41.40 million, with stock trading showing long-term consolidation and recent upward momentum.
CPI Aerostructures Appoints Robert Mannix as CFO, Enhancing Financial Leadership
- New CFO Appointment: CPI Aero has appointed Robert Mannix as Chief Financial Officer, bringing over 30 years of experience in financial operations at publicly traded companies, which is expected to enhance the company's financial management capabilities.
- Leadership Team Strengthening: Mannix's addition will bolster CPI Aero's leadership team, helping the company implement best practices in financial operations, thereby improving overall business efficiency.
- Former CFO's Continued Contribution: Interim CFO Pamela Levesque will remain on the Board of Directors, ensuring financial stability and strategic guidance during the transition period.
- Rich Industry Background: Mannix has held executive roles at West Technology Group and Verint Systems, possessing extensive experience in financial compliance and auditing, which will provide valuable industry insights to CPI Aero.
