TORONTO, December 20, 2011 /PRNewswire/ --
Magellan Aerospace announced today that an agreement has been
reached between GKN Aerospace and Magellan Aerospace (UK) Limited
securing a contract extension to deliver aluminum and titanium
components from Magellan's Bournemouth and Chalfont St
Peter divisions. The components are destined to GKN's Filton
facility, which manufactures and assembles wing structures. This
contract is projected to generate revenues in excess of £200
million through to December 2017.
Jim Butyniec, President and CEO
of Magellan Aerospace Corporation, said, "This contract extension
demonstrates our commitment to developing strategic long term
partnerships with our major customers and their confidence in our
ability to provide globally competitive products and services."
"The extension of this contract shows our commitment to work
with major suppliers to develop a globally competitive supply
chain. GKN will continue to work with Magellan and our other
major suppliers helping them to apply advanced lean processes and
technologies providing us with a quality, cost effective supply
chain," commented Rob Soen, Senior
Vice President, Supply Chain Management of GKN Aerospace Services
Ltd.
To support this program Magellan will make further investments
in high speed 5-axis machining technology. These future
investments demonstrate Magellan Aerospace's commitment to world
class manufacturing facilities focussed 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
GBP1.5bn, 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 metal 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 as to the
ongoing requirements for this customer 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 relating to the general economic climate in
Europe 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:
Daniel Zanatta
Vice President, Business Development,
Marketing and Contracts
Magellan Aerospace Corporation
T : +1-905-677-1889 Ext. 300
E: daniel.zanatta@magellan.aero
John Dekker,
Vice President Finance
Magellan Aerospace Corporation
T: +1-905-677-1889 Ext 224
E: john.dekker@magellan.aero