TORONTO, May 10, 2016 /CNW/ - Magellan Aerospace
("Magellan") announced an agreement today between Magellan
Aerospace (UK) Ltd and GKN Aerospace ("GKN Aerospace") for a
contract extension to deliver precision aluminium and titanium
components and assemblies to GKN Aerospace's Filton facility where
complex wing structures are manufactured and assembled for the
A320, A330 and A380 aircraft programs. This contract
extension is projected to generate revenues in excess of CDN
$130 million through to December 2020 and the components and assemblies
will be supplied from Magellan facilities located in the
United Kingdom and Poland and its joint ventures in India.
Magellan was also awarded a new contract to supply A350 outboard
flap precision machine details and assemblies. This new
contract is projected to generate revenues of CDN $36 million to December
2020.
Mr. Phillip Underwood, President
and CEO of Magellan said, "These long term contracts with GKN
Aerospace demonstrate the strength of our commitment to supporting
our customer's major programs. The long-term nature of the contract
allows us to align infrastructure investments in both our domestic
and emerging market operations to ensure that we are able to offer
our customer a comprehensive 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
operating units 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
