TORONTO, May 2, 2016 /CNW/ - Magellan Aerospace
("Magellan") announced today a contract extension between Magellan
Aerospace (UK) Limited ("Magellan UK") and Airbus for the supply of
aluminium and titanium structural wing components from Magellan
UK's facilities located throughout Europe and its joint ventures in India.
This contract, valued at approximately CDN $700 million, is comprised of precision machined
details and assemblies for use on the A320 Family, the A330 Family,
and the A380 program. In addition to the contract extension
for the machined components, Magellan UK was awarded a contract to
supply certain A380 wing ribs to Airbus valued at approximately CDN
$20 million.
Mr. Phillip Underwood, President
and CEO of Magellan said, "This multi-million dollar scope of work
with Airbus demonstrates our commitment to supporting our
customer's strategy to boost competitiveness through operational
efficiency and continuous improvement. The long-term nature
of the contract will allow us to make infrastructure investments in
both our domestic and emerging market operations to ensure that we
are able to offer our customer a competitive and reliable source
into the next decade."
About Magellan Aerospace
Magellan Aerospace is a global, integrated aerospace company
that provides complex assemblies and systems solutions to aircraft
and engine manufacturers, and defense and space agencies worldwide.
Magellan designs, engineers, and manufactures aeroengine and
aerostructure assemblies and components for aerospace markets,
advanced products for military and space markets, industrial power
generation, and specialty products. Magellan is a public company
whose shares trade on the Toronto Stock Exchange (TSX: MAL), with
facilities throughout Canada,
the United States, the
United Kingdom, India and Poland.
Forward Looking Statements
Some of the statements in this press release may be
forward-looking statements or statements of future expectations
based on currently available information. When used herein, words
such as "expect", "anticipate", "estimate", "may", "will",
"should", "intend", "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements are based on estimates and assumptions made by the
Corporation in light of its experience and its perception of
historical trends, current conditions and expected future
developments, as well as other factors that the Corporation
believes are appropriate in the circumstances. Many factors could
cause the Corporation's actual results, performance or achievements
to differ materially from those expressed or implied by the
forward-looking statements, including those described in the "Risk
Factors" section of the Corporation's Annual Information Form
(copies of which filings may be obtained at www.sedar.com). These
factors should be considered carefully, and readers should not
place undue reliance on the Corporation's forward-looking
statements. The Corporation has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Magellan Aerospace Corporation
