TORONTO, April 6, 2010 /PRNewswire/ -- Magellan Aerospace Corporation announced today that an agreement has been reached between GKN Aerospace - Filton and Magellan Aerospace (UK) Ltd, securing a major work package on the Airbus A380 program.
The package contains 203 parts which are mostly machined aluminium detail components. It is expected to generate revenues in excess of US$19 million over the next five years. Deliveries are due to commence in June 2010.
Phil Underwood, Vice President and General Manager of Magellan UK, said: "This is an exciting contract for the Company as it enhances our position as a global supplier of aerospace components. This is good news for everyone within Magellan UK."
Initial production will utilise existing capacity at Magellan's facilities in the UK at Bournemouth and Chalfont St Peter (Verdict), with further investment in high speed 5 axis machinery. These future investments demonstrate Magellan Aerospace Corporation's commitment to world class manufacturing facilities focused on core competencies.
GKN Aerospace is the aerospace operation of GKN plc (LSE:GKN), one of the world's largest engineering companies. With sales of GBP1.4bn, the business is focused around three major product areas - aerostructures, propulsion systems and transparencies, plus a number of specialist product areas. GKN Aerospace is a major supplier of complex composite structures; offers one of the most comprehensive capabilities in high performance metallics processing and is the world-leading supplier of cockpit transparencies and passenger cabin windows.
Magellan Aerospace (UK) Limited is a wholly owned subsidiary of Magellan Aerospace Corporation. Magellan Aerospace Corporation is one of the world's most integrated and comprehensive aerospace industry suppliers. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary 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 and India.
Forward Looking Statements:
This press release contains information and statements of a forward-looking nature and is based on assumptions and uncertainties as well as on management's reasonable evaluation of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Corporation's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements.
For further information: W.A. (Bill) Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: +1(905)677-1889 Ext 222, E: bill.matthews@magellan.aero
Magellan Aerospace Corporation
For further information: W.A. (Bill) Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: +1(905)677-1889 Ext 222, E: bill.matthews@magellan.aero
