Empire State Development meetings

Company Will Retain Over 300 Existing Jobs and Add 85 New Full-Time Jobs Premier Aerospace and Defense Manufacturer Will Invest $5.7 Million and Remain and Grow in New York State Empire State Development (ESD) today announced that CPI Aerostructures, Inc. (CPI Aero) will expand its manufacturing operations in Suffolk County, thereby securing its stay in New York State.  CPI Aero is an aerospace and defense contractor and manufactures complex structural assemblies and aerospace systems primarily for national security markets. The company is listed on the New York Stock Exchange and has been headquartered in Suffolk County for more than 40 years. CPI Aero has committed to remaining on Long Island and has committed to investing more than $5.7 million in new equipment, upgrades and facility improvements, while retaining over 300 jobs and adding 85 new full-time positions over the next five years. In exchange for this commitment, ESD has awarded CPI Aero up to $2.7 million in Excelsior Jobs tax credits and an ESD capital grant of $1.05 million. In connection with the New York State incentive, CPI has extended the term of its current leased facility in Edgewood 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 Islip’s 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.” Assemblymember Keith P. Brown said, "I am glad to hear that CPI Aerostructures, Inc. has chosen to expand its manufacturing operations in Suffolk County instead of relocating out of New York State. CPI Aero does great work manufacturing top-of-the-line products for both the aerospace and defense industries and has been based in Suffolk County for more than 40 years. It is always nice to see a hometown success story. As a state, we should be striving to make the decision to do business in New York State easier for more businesses like CPI Aero. I congratulate them on their success and look forward to seeing what the future has in store for them here in Suffolk County." “At a time when we are looking to rebuild, CPI Aero’s expansion will provide much needed job growth and spur high quality opportunities for our residents,” said Suffolk County Executive Steve Bellone. “Our message is Suffolk County is open for business, and I want to thank Governor Cuomo and Empire State Development for continuing to invest and create a business-friendly environment in Suffolk.” Islip Town Supervisor Angie Carpenter said, “Aerospace manufacturing is an important industry cluster here on Long Island. We are always happy to see a business make an investment, and keep these jobs here in the region, strategically located near our Town-owned airport,” Kevin S. Law, President & CEO of the Long Island Association, Inc. said, “I want to thank Governor Cuomo and ESD for ensuring CPI Aero stayed on Long Island and now intends to expand in our region because I am personally aware of efforts by other states to lure them out of New York. CPI Aero’s commitment to our region demonstrates that manufacturing companies remain an important part of our overall economy and are worthy of support from our federal, state and local governments.” 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 Aero CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for 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 Contact: Kristin Devoe (ESD) | [email protected] | (518) 414-1087 ESD Press Office | [email protected] | (800) 260-7313