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Investing.com -- CPI Aerostructures, Inc. (NYSE American:CVU) stock climbed 6.8% Thursday after the aerospace manufacturer announced it received authorization from Raytheon to begin manufacturing components for the Next Generation Jammer Mid-Band (NGJ-MB) program.
The initial funding for the Lot 5 production phase is set at $21.1 million with a not-to-exceed value of $42.3 million. Under the contract, CPI Aero will manufacture Pods and Air Management System (AMS) for deliveries beginning in 2027.
This latest award follows the U.S. Navy’s declaration of initial operational capability for the NGJ-MB Program in December 2024. The system will eventually replace the legacy ALQ-99 Tactical Jamming System currently used on EA-18G Growler aircraft.
"CPI is proud to be a key supplier to Raytheon across several Strategic Business Units and Product Lines," said Dorith Hakim, president and CEO of CPI Aero. "This award is in recognition of CPI Aero’s performance delivering Next Generation Jammer-Mid Band Pods and AMS on or ahead of schedule."
The NGJ-MB system utilizes digital, software-based and electronically scanned array technologies to disrupt enemy air defense and ground communication systems. Each EA-18G Growler aircraft requires two NGJ-MB Pods, with CPI Aero providing the Pod structure and associated Air Management Systems.
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