TORONTO, April 24, 2018 /CNW/ - Magellan Aerospace
("Magellan") announced today the signing of a 5-year agreement with
an undisclosed commercial aeroengine customer to manufacture
complex magnesium and aluminium castings and finished, machined
engine shafts for gas turbine engines. The castings will be
produced by Magellan's facilities in Haley, Ontario and Glendale, Arizona, and Magellan's facility in
Haverhill, Massachusetts will
manufacture the engine shafts. The new agreement is expected to
generate approximately CDN $53
million in revenue for Magellan through 2023.
This new long-term agreement is with an established Magellan
customer and provides the framework for a new level of strategic
alignment; in addition to legacy casting programs for current
engine platforms, the agreement also encompasses the production of
shafts at Magellan Aerospace, Haverhill, Inc. to support additional
commercial engine programs.
Magellan is a world leader in the development and production of
aerospace and aeroengine components with centres of excellence in
sand cast processes and shaft manufacturing. Magellan has invested
in innovative and transformative casting technologies such as
robotics, 3D sand printing and automated pouring to achieve the
highest standard of product and performance while remaining cost
competitive. In addition, Magellan's investment in state-of-the-art
technology in manufacturing capabilities at our Haverhill, Massachusetts facility in support
of aeroengine shafts, has positioned us competitively in the
marketplace.
About Magellan Aerospace
Magellan Aerospace is a global aerospace company that provides
complex assemblies and systems solutions to aircraft and engine
manufacturers, and defense and space agencies worldwide. Magellan
designs and manufactures aeroengine and aerostructure assemblies
and components for aerospace markets, advanced proprietary products
for military and space markets, and provides engine and component
repair and overhaul services worldwide. Magellan is a public
company whose shares trade on the Toronto Stock Exchange (TSX:
MAL), with operating units throughout North America, Europe, and India.
Forward Looking Statements
Some of the statements in this press release may be
forward-looking statements or statements of future expectations
based on currently available information. When used herein, words
such as "expect", "anticipate", "estimate", "may", "will",
"should", "intend", "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements are based on estimates and assumptions made by the
Corporation in light of its experience and its perception of
historical trends, current conditions and expected future
developments, as well as other factors that the Corporation
believes are appropriate in the circumstances. Many factors could
cause the Corporation's actual results, performance or achievements
to differ materially from those expressed or implied by the
forward-looking statements, including those described in the "Risk
Factors" section of the Corporation's Annual Information Form
(copies of which filings may be obtained at www.sedar.com). These
factors should be considered carefully, and readers should not
place undue reliance on the Corporation's forward-looking
statements. The Corporation has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Magellan Aerospace Corporation