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CPI was founded as Composite Products International, Inc. in January 1980 by Arthur August, formerly of Grumman. The name was changed to Consortium of Precision Industries, Inc. in 1989, then to CPI Aerostructures, Inc. in 1992, and began using the CPI Aero trademark in 1995.
On December 30, 2018, CPI Aero acquired Welding Metallurgy Inc. and its subsidiary Compac Development Corp for $7.9 million. The combination of the two are referred to as "WMI", was founded in 1979 and specializes in aviation electrical harnesses, electromechanical, and printed circuit boards.
On April 21, 2020, CPI announced they had received $4.8 million in federally backed small business loans, the maximum allowable amount, as part of the Paycheck Protection Program. The company received scrutiny over this loan, which was aimed at small businesses suffering from the COVID-19 pandemic. The New York Times noted that this payment was given to a company that has had major accounting problems. In September 2021 the company received a delisting notice from NYSE American. This was resolved in September 2022, with the company remaining listed.