AERO INDIA 2019
BANGALORE, India, Feb. 20, 2019 /CNW/ - Magellan Aerospace
Corporation ("Magellan") announced today it has increased its
investment in Triveni Aeronautics Pvt. Ltd. ("Triveni') to 75%.
Triveni is based in Tumkur, Karnataka located north west of
Bangalore in India. The
company specializes in hard metal machining of aeroengine and
aerostructure components.
Magellan's investment in Triveni commenced in 2013 when it
acquired a 49% share of the business. Since then the company
has grown, prospered and played a major role in Magellan's overall
strategy in India. The
acquisition of additional shares announced today will afford
Magellan the opportunity to expand and to further develop Triveni's
capabilities and business processes to support Magellan's customers
in India.
This investment comes at a time when Magellan further increased
its footprint in India with the
construction of a 100,000 sq. ft. facility based in the Aerospace
Special Economic Zone situated next to Bangalore International
Airport. The completion of this facility, Magellan Aerospace
(India), was the first of a
two-phase construction that will see the plant grow to 140,000
square feet in the future.
Magellan has been involved in India since 2005. These latest
investments not only further cement Magellan's presence in
India but also demonstrate
Magellan's commitment to India
which is a key element in Magellan's global strategy.
About Magellan Aerospace Corporation
Magellan Aerospace Corporation is a global aerospace company
that provides complex assemblies and systems solutions to aircraft
and engine manufacturers, and defence 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