TORONTO, December 9, 2010 /PRNewswire/ -- Magellan
Aerospace Corporation announced today that an agreement has been
reached between GKN Aerospace and Magellan Aerospace (UK) Limited,
securing a work package containing structural components for the
Airbus A320 and A330 aircraft.
The package contains a number of major aluminium and titanium
structural components, and is expected to generate revenues in
excess of GBP21 million ($Cdn 34 million) over the next five years.
Deliveries are due to commence in January
2011.
Jim Butyniec, President and CEO
of Magellan Aerospace Corporation said, "This is an exciting
contract for the Corporation as it enhances our position as a
global supplier of aerospace components. This is good news for
everyone within Magellan."
"The award of this package is in support of GKN's strategy of
strengthening and consolidating its global supply base to provide
GKN's customers and manufacturing operations with world class
supply chain solutions." commented Rob
Soen, Senior Vice President, Supply Chain Management of GKN
Aerospace Services Ltd.
Phil Underwood, Vice President
and General Manager of Magellan UK, said "This work package will be
divided amongst three of Magellan UK's manufacturing facilities, at
Bournemouth, Chalfont St Peter and Wrexham, utilising existing core
manufacturing capabilities. The products have been selected for
each site to ensure maximized manufacturing efficiencies, focusing
on core competencies, providing the optimum manufacturing
solution."
To support this program Magellan will make further investments
in high speed 5-axis machining technology. These future investments
demonstrate Magellan Aerospace's commitment to world class
manufacturing facilities focused on core competencies.
GKN Aerospace is the aerospace operation of GKN plc (LSE: GKN),
one of the world's largest engineering companies. With sales of
GBP1.5bn, the business is focused
around three major product areas - aerostructures, propulsion
systems and transparencies, plus a number of specialist product
areas. GKN Aerospace is a major supplier of complex composite
structures; offers one of the most comprehensive capabilities in
high performance metal processing, and is the world-leading
supplier of cockpit transparencies and passenger cabin windows.
Magellan Aerospace (UK) Limited is a wholly owned subsidiary of
Magellan Aerospace Corporation. Magellan Aerospace Corporation is
one of the world's most integrated and comprehensive 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 Statements:
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 five years and
timing of expected deliveries, and is based on a number of
assumptions, including the continuing demand for the Airbus A320
and A330 aircraft, and is subject to a number of risks and
uncertainties, including those associated with the economic
recovery and 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 additional information:
Bill Matthews
Vice President Marketing
Magellan Aerospace Corporation
T: +1-905-677-1889 Ext 222
E: bill.matthews@magellan.aero
Phil Underwood
Vice President and GM
Magellan Aerospace (UK) Limited
T: +44-(0)1202-598904
E: phil.underwood@magellan.aero