TORONTO, February 7, 2011 /PRNewswire/ -- Magellan
Aerospace Corporation announced today that an agreement has been
reached between Airbus and Magellan Aerospace (UK) Limited securing
a further work package, Crown Fittings, on Airbus' new A350 XWB. It
is expected to generate revenues in excess of $US 20 million over the next ten years.
The contract requires the machining and treatment of complex
machined aluminium lithium detail components, and delivery to the
final assembly line in Toulouse,
France. The first deliveries of the contracted 800 shipsets
will be made in April, 2011.
Jim Butyniec, Magellan's
President and CEO, discussed the importance of participation on the
A350 XWB program and Magellan's continued drive to secure major
work packages on Airbus aircraft. He commented, "This package,
together with Magellan's existing A350 XWB work on the Centre Wing
Box and the Pylon Secondary Structure, augments Magellan's position
on this exciting new program."
Production will take place at Magellan's facilities in the UK at
Bournemouth, with new investment in machining capacity to be phased
in as the production rate increases from 2012. These future
investments demonstrate Magellan Corporation's commitment to
developing world class manufacturing facilities focussed on core
competencies.
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 ten years and
timing of expected deliveries and consequential increases in
investment in machining capacity, and 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:
John Dekker
Vice President Finance
Magellan Aerospace Corporation
T: +1-905-677-1889 Ext 224
E: john.dekker@magellan.aero
Bill Matthews
Vice President Marketing
Magellan Aerospace Corporation
T: +1-905-677-1889 Ext 222
E: bill.matthews@magellan.aero