TORONTO, November 8, 2013 /PRNewswire/ --
Magellan Aerospace Corporation announced today that an agreement
had been reached between Airbus S.A.S. and Magellan Aerospace
securing a major work package on the Airbus A350 XWB. The
package, which is an addition to other supply contracts Magellan
Aerospace has on the A350XWB, consists of a series of machined and
assembled structural components for the fuselage structure in this
aircraft which supports the cabin storage bins and aircraft systems
and is worth approximately $US 45 million
dollars over the next 4 years.
Production will utilize existing and new capacity at Magellan's
facilities in the UK in Wrexham, Chalfont and Greyabbey. To
support this program Magellan will invest in a range of new high
technology machines to optimise efficiency and value to the
customer. These investments demonstrate Magellan's commitment to
developing world class manufacturing facilities focused on core
competencies.
Mr. Jim Butyniec, President
and Chief Executive Officer of Magellan discussed the strategic
importance of participation on the A350 XWB program and Magellan's
continued drive to secure major work packages on future aircraft
for Airbus and Boeing programs. He commented, "This new
package, together with existing A350 XWB work consolidates
Magellan's strong position on this exciting new Airbus program"
About Magellan Aerospace:
Magellan Aerospace Corporation is a global, integrated aerospace
company that provides complex assemblies and systems solutions to
aircraft and engine manufacturers, and defence 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
Statement:
This press release contains information and statements of a
forward looking nature, including in relation to
the estimated future revenues from an agreement over the next 4
years and timing of expected deliveries and consequential increases
in investment in machining capacity. Information is
based on a number of assumptions, including the
demand for the Airbus A350 XWB aircraft and its production
rates, and is subject to a number of risks and
uncertainties, including those associated with
the economic recovery and any general declines in air
travel, that are difficult to
predict, andor are beyond the Corporation's
control. A number of important
factors, including those set forth in the
Corporation's Annual Information Form, could
cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements
For further information:
Mr. Daniel Zanatta
Vice President, Business Development,
Marketing and Contracts
Magellan Aerospace Corporation
Ph. +1-905-677-1889 x300
Mr. John Dekker
Chief Financial Officer and
Corporate Secretary
Magellan Aerospace Corporation
Ph. +1-905-677-1889 x224