TORONTO, May 12, 2010 /PRNewswire/ -- Magellan Aerospace
Corporation announced today that it has reached agreement with
Rolls-Royce Plc and Rolls-Royce Deutschland Ltd & Co KG to
manufacture mainline shafts and stub shafts for various Rolls-Royce
engine programs. The work will be performed on these flight safety
critical rotating parts at Magellan's Middleton Aerospace facility
in Haverhill, MA. It is estimated
that the gross program revenue will be approximately $US 425 million over the 15-year term of the
agreement.
"Magellan has a longstanding business relationship with
Rolls-Royce, and is pleased to enter this agreement and further
expand the relationship," stated Jim
Butyniec, President and CEO of Magellan Aerospace
Corporation. He noted that "This advancement continues Magellan's
strategy to expand its core manufacturing capabilities and to
invest in state-of-the-art equipment to maintain competitiveness in
the global marketplace."
Dan Chaisson, General Manager of
the Haverhill operating
facilities, commented that, "Magellan will utilize its existing
equipment for initial production, but will expand its manufacturing
footprint at the Haverhill
facility to accommodate the new equipment and processes required to
support full-scale production for the program." The first Magellan
deliveries are expected to be made in the second half of 2010.
About Magellan Aerospace Corporation:
Magellan Aerospace Corporation is one of the world's most
integrated 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, (including that program deliveries over the
contracted 15-year term achieve current program market estimates)
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: James S.
Butyniec, President and Chief Executive Officer,
+1(905)-677-1889 ext. 233; John B.
Dekker, Vice President Finance & Corporate Secretary,
+1(905)-677-1889 ext. 224
