Last updated on April 16, 2014 at 17:34 EDT

Magellan Aerospace Announces Contract Award with Boeing

May 11, 2012

MISSISSAUGA, ON, May 11, 2012 /PRNewswire/ – Magellan Aerospace Corporation
announced today that it has been awarded a contract with The Boeing
Company for the continuation of the production of complex, hard metal
structural assemblies for the Next-Generation 737, 747-8, 767, 777, and
the production of such assemblies for the new 787 Dreamliner
airplanes.  These integrated assemblies will be manufactured and
delivered from Magellan’s New York, NY and Kitchener, Ontario operating
facilities beginning in 2013.

This long term contract will continue Magellan’s revenues from work for
Boeing Commercial beginning in 2013 and into the next decade and
provides a fundamental pillar of support to Magellan’s core commercial
platform.  Direct Boeing Commercial sales in 2011 contributed in excess
of $80 Million Cdn. in revenue to Magellan. Magellan’s core
aerostructures expertise is in the provision of complex, machined
components for large commercial platforms.  Boeing and Magellan have an
established relationship and have benefited from working together to
develop improved efficiencies using Boeing lean and value engineering
tools as well as the Magellan Operating System(TM) (MOS(TM)).  “We
continuously find ways to improve our processes to ensure our
customer’s needs are fully satisfied,” stated James Butyniec, Magellan
President and Chief Executive Officer.

The Boeing contract provides a solid base of work for Magellan over the
contract term.  “We look forward to continuing our strong, long-term
“partnership” with one of our most valued customers and are well
prepared to support future program requirements as they develop,” said
Daniel Zanatta, Magellan Vice President, Business Development,
Marketing and Contracts.

About Magellan

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 that are
difficult to predict, and/or are beyond the Corporation’s control.  The
principal risks and uncertainties can be found in the Annual
Information Form dated March 25, 2012, filed on SEDAR at www.sedar.com.  A number of important factors could cause actual outcomes and results
to differ materially from those expressed in these forward-looking

SOURCE Magellan Aerospace Corporation

Source: PR Newswire