TORONTO, April 29, 2015 /CNW/ - Magellan Aerospace ("Magellan") announced today the award of an option year related to the contract for engine repair and overhaul ("R&O") of the F404 engine that powers Canada's fleet of CF-188 Hornet aircraft. The one-year, follow-on option year commenced on 1 April 2015, and has projected value added revenue of CDN $16 million. The work will be carried out at Magellan's facility in Mississauga, Ontario.
Under the terms of the contract, the Corporation will provide maintenance, engineering, material management, provision of Field Service Representatives, and Publication support for the CF-188 F404 engine and ancillary components
"Magellan Aerospace is an approved source for F404 and J85 engine repair and has been the RCAF's choice for F404 engine repair and overhaul service for more than 30 years. This continuing relationship with Canada's Air Force demonstrates confidence in Magellan's world class technical experience and value in terms of competitive pricing", said Mr. Phil Underwood, President and Chief Executive Officer of Magellan Aerospace.
In addition to supporting Canada's CF-188 F404 fleet, Magellan is a proven supplier, as well as Centre of Excellence, in the worldwide F404 engine R&O support market. There are approximately 4,000 F404 engines currently in service in 15 countries around the world.
About Magellan Aerospace
Magellan Aerospace is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence 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. Daniel Zanatta, Vice President, Business Development, Marketing and Contracts, Magellan Aerospace, Ph. 905 677 1889 x300; Mr. John Dekker, Chief Financial Officer and Corporate Secretary, Magellan Aerospace, Ph. 905 677 1889 x224