CPI Aerostructures

CPI Aerostructures Inc.

Company type	Public
Industry	Aerospace, Defense, Manufacturing
Predecessor	Composite Products International, Inc.
Founded	January 1980 (1980-01)
Founder	Arthur August
Headquarters	Edgewood , United States
Area served	United States, International
Key people	Douglas J. McCrosson (CEO)
Products	Aircraft components, aviation electrical harnesses, electromechanical assemblies, printed circuit boards
Number of employees	280

CPI Aerostructures Inc., commonly known as CPI Aero, operates as a contract manufacturer specializing in aircraft components, with its headquarters located in Edgewood, New York.

The company serves prominent clients such as the US Department of Defense alongside leading aerospace contractors including Boeing and Northrop Grumman. CPI Aero is listed on NYSE American under the symbol CVU and employs approximately 280 full-time personnel, supplemented by temporary workers. Douglas J. McCrosson holds the position of CEO.

After encountering financial difficulties, CFO Vincent Palazzolo stepped down in November 2019. His successor, Dan Azmon—previously affiliated with L3 Technologies—resigned in February 2020 amid intentions to restate financial results dating back to March 2018.

In the fiscal year 2018, CPI Aero generated revenues of $83.9 million, achieving a gross profit of $18.1 million and a net income of $2.2 million. Roughly half of this revenue stemmed from government subcontracts, with commercial contracts contributing 40%, and the remaining portion derived from prime government contracts.

Significant contracts awarded during 2019 and 2020 include manufacturing parts for the T-38C trainer used by the US Air Force; assemblies for the E-2 Hawkeye produced by Northrop Grumman; re-winging projects for the A-10 conducted with Boeing; components for the T70 rotorcraft developed by Turkish Aerospace Industries; the Hover Infrared Suppression System (HIRSS) for the Sikorsky UH-60 Black Hawk helicopter; and structural assemblies for Lockheed Martin’s F-16V fighter aircraft.

History

Established in January 1980 by Arthur August, a former employee of Grumman, the company originally operated under the name Composite Products International, Inc. It underwent two rebranding phases before adopting the name CPI Aerostructures, Inc. in 1992 and has marketed itself using the CPI Aero trademark since 1995.

On December 30, 2018, CPI Aero expanded its operations through the acquisition of Welding Metallurgy Inc. and its subsidiary Compac Development Corp for $7.9 million. This strategic purchase broadened CPI’s product offerings to include aviation electrical harnesses, electromechanical assemblies, and printed circuit boards, marketed under the "WMI" brand.

In April 2020, CPI secured a $4.8 million loan guaranteed by the federal government via the Paycheck Protection Program. This funding drew attention due to the company’s previous accounting challenges and its size compared to typical small businesses targeted by this initiative. Later, in September 2021, CPI received a delisting warning from NYSE American, which was successfully addressed by September 2022, allowing it to retain its stock exchange listing.