MISSISSAUGA, Ontario,
August 31, 2012 /PRNewswire/ --
Magellan Aerospace Corporation is pleased to announce today that
it has completed the acquisition of John Huddleston Engineering
Limited ("JHE"). JHE is a leading European supplier of
precision machined aerospace components with facilities in
Great Britain, Northern Ireland and Poland.
With the acquisition of JHE, Magellan is strengthening and
enhancing its core manufacturing capabilities and further expanding
its European operations. Over the last five years, JHE has
made significant investments in the latest high speed 5-axis
machining equipment. In addition, JHE has been a strategic supplier
to Magellan of precision machined structural components.
JHE's revenues for the financial year ending March 31, 2012 were approximately $25 million, which includes approximately
$3.6 million revenue from the
deliveries to Magellan. The acquisition was funded out of
Magellan's working capital. JHE operations will be integrated and
managed through Magellan's UK operations.
Mr. James S. Butyniec, President
and CEO of Magellan Aerospace Corporation said, "This acquisition
is part of Magellan's global growth strategy to invest in
opportunities that complement our business and strengthen
Magellan's core manufacturing operations. The JHE acquisition
provides additional capacity and engineering resources to enable us
to support the growth in key customer programs."
About Magellan Aerospace:
Magellan Aerospace is one of the world's most integrated
aerospace industry suppliers. Magellan 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.
About John Huddleston Engineering
Limited (JHE):
JHE is a leading manufacturer of machined aerostructures
components. JHE's facilities in Belfast and Blackpool, UK employ some of the latest high
speed machining technology. The companies support both civil
and defence markets supplying the global aerospace industry.
JHE's treatment facility in Mielec, Poland provides the aerospace industry with a
comprehensive range of surface treatment processes.
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 acquisition of JHE. 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 including the risks and uncertainties set
forth in Magellan's Annual Information Form filed on SEDAR
at http://www.sedar.com which risks and
uncertainties are incorporated by reference in this press release.
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. Daniel Zanatta
VP, Business Development, Marketing and Contracts
Magellan Aerospace Corporation
Ph. +1-905-677-1889 (ext. 300)
Mr. John Dekker
Chief Financial Officer
Magellan Aerospace Corporation
Ph. +1-905-677-1889 (ext. 224)