TORONTO, January 22, 2014 /PRNewswire/ --
Magellan Aerospace announced today that an agreement had been
reached between Airbus S.A.S. and Magellan Aerospace securing a
significant work package to manufacture and supply complex, 5-axis
machined wing ribs for Airbus' single aisle A320 product family
including the A320neo. This additional work package
complements the existing A320 wing ribs manufactured by Magellan
Aerospace.
The work package is expected to generate revenues of
approximately $US 20 million over the
next five years. Magellan will invest in a new high-speed,
5-axis machining centre to be located in its facility in Greyabbey,
Northern Ireland, enhancing the
capabilities of the existing machining facilities. This
investment demonstrates Magellan's commitment to providing world
class manufacturing facilities to support its customer
programmes.
Mr Jim Butyniec, President and
Chief Executive Officer of Magellan stated that securing this
package continues Magellan's drive to focus on core products at all
our facilities. He said, "This new package, together with
Magellan's existing wing rib packages, secures our position as a
major supplier on the A320 programme."
About Magellan Aerospace:
Magellan Aerospace 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
Statements:
This press release contains information and statements of a
forward looking nature, including in relation to the approximate
value of the agreement over the next five 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 A320 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