TORONTO, May 10, 2016 /CNW/ - Magellan Aerospace ("Magellan") announced an agreement today between Magellan Aerospace (UK) Ltd and GKN Aerospace ("GKN Aerospace") for a contract extension to deliver precision aluminium and titanium components and assemblies to GKN Aerospace's Filton facility where complex wing structures are manufactured and assembled for the A320, A330 and A380 aircraft programs. This contract extension is projected to generate revenues in excess of CDN $130 million through to December 2020 and the components and assemblies will be supplied from Magellan facilities located in the United Kingdom and Poland and its joint ventures in India.
Magellan was also awarded a new contract to supply A350 outboard flap precision machine details and assemblies. This new contract is projected to generate revenues of CDN $36 million to December 2020.
Mr. Phillip Underwood, President and CEO of Magellan said, "These long term contracts with GKN Aerospace demonstrate the strength of our commitment to supporting our customer's major programs. The long-term nature of the contract allows us to align infrastructure investments in both our domestic and emerging market operations to ensure that we are able to offer our customer a comprehensive and reliable source 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 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: Mr. Haydn Martin, Vice President, New Business Development, Magellan Aerospace, Ph. +44 1202 512 405; Mr. Jason Addis, Vice President, European Operations, Magellan Aerospace, Ph. +44 1202 598 801