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
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on
currently available information. When used herein, words such as "expect", "anticipate", "estimate", "may", "will", "should",
"intend", "believe", and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are
based on estimates and assumptions made by the Corporation in light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as other factors that the Corporation believes are appropriate in the
circumstances. Many factors could cause the Corporation's actual results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the
Corporation's Annual Information Form (copies of which filings may be obtained at www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the
Corporation's forward-looking statements. The Corporation has no intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Magellan Aerospace Corporation
