TORONTO, July 10, 2012 /PRNewswire/ --
Magellan Aerospace announced today an agreement between Magellan
Aerospace (UK) Limited and Airbus for a contract extension to
deliver aluminum and titanium, structural wing components from
Magellan UK divisions located in Wrexham and Bournemouth. This
contract is comprised of components for use on the A320, A330 and
A380 aircraft programs and is projected to generate revenues in
excess of £370 million through to December
2019.
The scope of work of this contract complements the new A350 work
packages that Magellan has previously been awarded and are
currently developing, thereby, securing the company as a supplier
on every Airbus civil program. To maintain Magellan's competitive
position and support this long-term commitment to Airbus, Magellan
will invest up to £15M in capital equipment over the term of
contract extension.
Mr. James S. Butyniec, President
and CEO of Magellan Aerospace Corporation said, "This long-term
contract with Airbus demonstrates our commitment to developing
enduring relationships with our customers and investing the
resources required to support their current and future
requirements. Magellan has a culture committed to achieving
operational excellence and we are very pleased that Airbus has
confidence in our ability to provide globally competitive products
for their family of commercial aircraft."
Business Secretary, Vince Gable
said, "This multi million contract is great news for Magellan
Aerospace, Airbus, and the UK aerospace industry suppliers. It's a
further demonstration of the breadth of the UK's supply chain."
About Magellan Aerospace:
Magellan Aerospace is one of the world's most integrated
aerospace industry suppliers. Magellan designs, engineers, and
manufactures aeroengine and aerostructure assemblies and components
for aerospace markets, advanced products for military and space
markets, and complementary 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,
and India.
Forward Looking
Statement:
This press release contains
information and statements of a forward-looking nature and is based
on assumptions and uncertainties as well as on management's
reasonable evaluation of future events related to the provision of
structural components for Airbus programs. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict, and/or are beyond the
Corporation's control. A number of important factors could cause
actual outcomes and results to differ materially from those
expressed in these forward-looking statements.
For further information:
Mr. Phil Underwood
Vice President and General Manager
Magellan Aerospace (UK) Ltd
Ph. +44-(0)1202-598807
Mr. John Dekker
Chief Financial Officer
Magellan Aerospace Corporation
Ph. +1-905 677-1889