MISSISSAUGA, ON, May 11, 2012 /PRNewswire/ - Magellan Aerospace
Corporation announced today that it has been awarded a contract
with The Boeing Company for the continuation of the production of
complex, hard metal structural assemblies for the Next-Generation
737, 747-8, 767, 777, and the production of such assemblies for the
new 787 Dreamliner airplanes. These integrated assemblies
will be manufactured and delivered from Magellan's New York, NY and Kitchener, Ontario operating facilities
beginning in 2013.
This long term contract will continue Magellan's
revenues from work for Boeing Commercial beginning in 2013 and into
the next decade and provides a fundamental pillar of support to
Magellan's core commercial platform. Direct Boeing Commercial
sales in 2011 contributed in excess of $80
Million Cdn. in revenue to Magellan. Magellan's core
aerostructures expertise is in the provision of complex, machined
components for large commercial platforms. Boeing and
Magellan have an established relationship and have benefited from
working together to develop improved efficiencies using Boeing lean
and value engineering tools as well as the Magellan Operating
System™ (MOS™). "We continuously find ways to improve our
processes to ensure our customer's needs are fully satisfied,"
stated James Butyniec, Magellan
President and Chief Executive Officer.
The Boeing contract provides a solid base of
work for Magellan over the contract term. "We look forward to
continuing our strong, long-term "partnership" with one of our most
valued customers and are well prepared to support future program
requirements as they develop," said Daniel
Zanatta, Magellan Vice President, Business Development,
Marketing and Contracts.
About Magellan
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 and is based on assumptions
as to the ongoing requirements for this customer and uncertainties
as well as on management's reasonable evaluation of future
events. These statements are not guarantees of future
performance and involve risks and uncertainties relating to the
general economic climate that are difficult to predict, and/or are
beyond the Corporation's control. The principal risks and
uncertainties can be found in the Annual Information Form dated
March 25, 2012, filed on SEDAR at
www.sedar.com. A number of important factors could cause
actual outcomes and results to differ materially from those
expressed in these forward-looking statements.
SOURCE Magellan Aerospace Corporation