TORONTO, Oct. 27, 2016 /CNW/ - Magellan Aerospace
("Magellan") announced today that it will be producing F-35
Lightning II horizontal tail assemblies under an agreement with BAE
Systems. The agreement is the continuation of annual contract
awards made to Magellan by BAE Systems for F-35 assemblies, valued
at more than CDN $70 million over a
two year period.
Magellan and BAE Systems have been working together to produce
horizontal tails for the global F-35 program for almost a decade,
signing the original Letter of Intent for this agreement at the
Farnborough Air Show in 2006. Building on that initial
commitment, both companies have since made significant investment
in the facilities, technologies and training to ensure the
successful delivery of these flight-critical assemblies to the
customer.
The horizontal tail assemblies produced at Magellan will be used
on the Conventional Takeoff and Landing (CTOL) variant of the F-35.
At present, Magellan plans to produce more than 1,000 ship sets of
horizontal tail assemblies over the life of the F-35
program.
"This contract represents significant quantities of horizontal
tails awarded to Magellan in the ramping up to full scale
production. The ability to meet the increased annual volumes is an
essential element of achieving F-35 program objectives in support
of our customer's global obligations" said Mr. Phillip Underwood, Magellan's President and CEO.
"Magellan will be producing approximately half of the CTOL
horizontal tails required each year."
"Magellan's projected total revenues for the F-35 program could
reach CDN $2.0 billion based on the
current anticipated aircraft requirements" said Mr. Scott McCrady, Magellan's Corporate F-35 Program
Director. "We are seeing significant increases in annual
program quantities from both the US DoD and the international
partners." The program could produce up to 4,000 F-35
fighters globally.
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
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forward-looking statements or statements of future expectations
based on currently available information. When used herein, words
such as "expect", "anticipate", "estimate", "may", "will",
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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
