TORONTO, Oct. 13, 2016 /CNW/ - Magellan Aerospace ("Magellan") and The Boeing Company ("Boeing") announced today the signing of new long-term contracts for the supply of complex titanium machined components for the 777X program. These components will be manufactured by Magellan's facilities in New York, NY and Kitchener, ON. In addition to the new contract awards, Magellan and Boeing agreed to a long term contract extension on Magellan's existing 787 Dreamliner program statement of work, produced at its New York facilities. The new long-term 777X contracts and the 787 extension period will take effect in 2017. In securing these agreements Magellan has met Boeing's customer affordability goals through the Partnering for Success program on these new long term contracts.
Mr. Phillip Underwood, President and CEO of Magellan said "these awards reflect Magellan's long term and ongoing commitment to the Boeing Company. Magellan continues to focus on optimizing its performance in support of Boeing's needs into the next decade".
About Magellan Aerospace
Magellan Aerospace is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defense and space agencies worldwide. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for the aerospace markets, advanced products for military and space markets, industrial power generation, and 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, India, and Poland.
Forward Looking Statements
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SOURCE Magellan Aerospace Corporation
For further information: Daniel Zanatta, Vice President, Business Development, Marketing & Contracts, Magellan Aerospace Corporation, Ph: +1 905 677 1889; Elena Milantoni, Chief Financial Officer and Corporate Secretary, Magellan Aerospace Corporation, Ph: +1 905 677 1889