TORONTO, April 12, 2019 /CNW/ - Magellan Aerospace Corporation ("Magellan") announced today an agreement with Atlas Elektronik Canada Ltd. ("Atlas") for the design and development phase of the SeaSpider® Anti Torpedo Torpedo ("ATT") program. The initial CDN $19 million phase of the program was launched in January 2019 and is expected to conclude in 2023. Magellan will lead the design and development of the SeaSpider® ATT rocket motor and warhead sections of the torpedo that includes design, build, test, and product qualification.
SeaSpider® ATT is a new defence product that can be utilized by surface vessels and submarines to detect and destroy attacking torpedoes. The SeaSpider® is a marked improvement over currently available anti-torpedo systems that reply on decoy countermeasures rather than destroying the attacking torpedo. The SeaSpider® ATT combines the best technology and decades of experience of Atlas and Magellan – the expertise of Atlas in naval systems and torpedoes and the industry leading rocket technology of Magellan.
"The partnership between Atlas and Magellan will bring to market an innovative new torpedo defence system that will be the first of its kind in this growing market segment", said Mr. Haydn Martin, Magellan's Vice President, Business Development, Marketing and Contracts. "We welcome the opportunity to collaborate in this exciting new endeavor with Atlas Elektronik."
About Magellan Aerospace Corporation
Magellan Aerospace Corporation is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defense and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout North America, Europe, and India.
Forward Looking Statements
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SOURCE Magellan Aerospace Corporation
For further information: Laura Podaima, Director, Corporate Communications, Magellan Aerospace, Ph. 204 788 2831, [email protected]