TORONTO, Feb. 29, 2012 /CNW/ - General Donlee Canada Inc. ("General
Donlee" or the "Corporation") (TSX: GDI), announced today that its
wholly owned subsidiary Donlee Precision has renewed its current Long
Term Agreement (LTA) with an existing major aerospace customer. The
extension covers all current parts and includes additional work with
total revenue relating to the LTA estimated at approximately USD 95
million over the 4-year term of the extension, representing a
significant increase in annual volume compared to the 12-month period
ending September 30, 2011. This extension cements General Donlee as a
key and leading supplier to this major customer beyond 2012 through to
the end of 2016.
"The extension highlights the importance of a long term relationship
forged between General Donlee and this key customer, a relationship
that has thrived for more than 15 years," stated Garen Mikirditsian,
President and Chief Executive Officer and Interim Chief Financial
Officer of General Donlee. He noted that "the extension is a strong
testament to the quality focus and customer commitment of General
Donlee." Mr. Mikirditsian added: "As importantly, the provision of new
work in addition to our existing parts is a reflection of a growing
partnership between our organizations. We look forward to working to
further expand the relationship in the coming years".
On February 13, 2012 the Corporation announced that Mr. Mikirditsian's
position as Chief Executive Officer ceased to be on an interim basis.
The Corporation confirms that with this change his role as Chief
Financial Officer changed to an interim basis until the engagement of a
Chief Financial Officer replacement.
About General Donlee Canada Inc.
General Donlee Canada Inc. is a leading diversified manufacturer of
precision-machined products for the military, commercial and general
aerospace industries, and a specialist in the manufacture of
precision-machined products for the industrial products and power
generation industries. General Donlee's operating strategy focuses on
targeting niche markets for products that are aligned with its
sophisticated manufacturing capabilities and skilled workforce.
SOURCE General Donlee Canada Inc.
For further information:
President & Chief Executive Officer
Interim Chief Financial Officer
Telephone: (416) 743-4417
Web site: www.generaldonlee.com