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Magellan Aerospace gets new contract from Airbus; will generate US$20M in revenue

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TORONTO - Magellan Aerospace (TSX:MAL) says it has landed a new deal with aircraft maker Airbus S.A.S. that should generate about US$20 million in revenue over the next five years.

Under the contract, Magellan will manufacture and supply complex, five-axis machined wing ribs for Airbus' single aisle A320 product family, including the A320neo.

The new work complements existing A320 wing ribs manufactured by Magellan, the company said Wednesday.

Magellan, based in Mississauga, Ont., said it will invest in a new high-speed, five-axis machining centre at its facility in Greyabbey, Northern Ireland.

"This new package, together with Magellan's existing wing rib packages, secures our position as a major supplier on the A320 program," said president an CEO Jim Butyniec.

Magellan Aerospace is an integrated international aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers and defence and space agencies worldwide.

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