CPI Aerostructures Announces Decision to Expand Manufacturing Operations on Long Island
– 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 te