TORONTO, Oct. 13, 2016 /CNW/ - Magellan Aerospace
("Magellan") and The Boeing Company ("Boeing") announced today the
signing of new long-term contracts for the supply of complex
titanium machined components for the 777X program. These
components will be manufactured by Magellan's facilities in
New York, NY and Kitchener,
ON. In addition to the new contract awards, Magellan and
Boeing agreed to a long term contract extension on Magellan's
existing 787 Dreamliner program statement of work, produced at its
New York facilities. The new
long-term 777X contracts and the 787 extension period will take
effect in 2017. In securing these agreements Magellan has met
Boeing's customer affordability goals through the Partnering for
Success program on these new long term contracts.
Mr. Phillip Underwood, President
and CEO of Magellan said "these awards reflect Magellan's long term
and ongoing commitment to the Boeing Company. Magellan
continues to focus on optimizing its performance in support of
Boeing's needs 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 the 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
