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Magellan Aerospace Corp (2)
Symbol MAL
Shares Issued 58,209,001
Close 2014-07-29 C$ 12.25
Market Cap C$ 713,060,262
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Magellan Aerospace to provide landing gear to Boeing

2014-07-30 08:47 ET - News Release

Mr. Jim Butyniec reports

MAGELLAN AEROSPACE TO PROVIDE LANDING GEAR KITS FOR THE BOEING B737 MAX

Magellan Aerospace Corp. has been selected to provide landing gear kits to Boeing Commercial Airplanes for the B737 MAX aircraft. The new B737 MAX family will replace the present 737 next-generation family of aircraft that is currently in production at Boeing. The manufacture and integration of the landing gear kits will be carried out at Magellan's New York facilities, which have operations in both Corona, N.Y., and Long Island, N.Y. Magellan expects this long-term program to commence in 2015 and that it could generate revenues up to $50-million (U.S.) annually over the contract period.

Magellan Aerospace's New York facilities are well-established centres of excellence focused on hard metal machining and the provision of high-volume kitted part families that are delivered directly to both Tier 1 and prime aircraft manufacturers. The company currently provides the B737 landing gear kits, which are composed of approximately 400 part numbers, directly to Boeing's 737 assembly facility in Renton, Wash. Magellan manufactures a number of the key, complex machined components for the kits and sources the remainder of the kit from a globally competitive supply network of United States and international sources.

Jim Butyniec, chief executive officer of Magellan, noted the strategic importance of the award, as it reflects the corporation's growing participation in support of major new platforms for Boeing and other major aircraft manufacturers. "The confidence demonstrated by Boeing in light of the global options that exist in their supply chain extends the long and enduring relationship that exists between our companies," he said. "The Magellan operation system, which is fundamental to our operations, will ensure all components and details for the kitted assemblies will be available in an efficient, on-time manner to support the projected delivery requirements of the B737 MAX program."

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