General Donlee Announces Renewal of Long Term Agreement with Major Aerospace Customer
Feb 29, 2012, 21:42 ET
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.
For further information:
President & Chief Executive Officer
Interim Chief Financial Officer
Telephone: (416) 743-4417
E-mail: [email protected]
Web site: www.generaldonlee.com
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