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Magellan Aerospace announces contract award with Boeing

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 Systemª (MOSª). "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.

Press release issued by Magellan Aerospace Corp. on May 11, 2012

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