Magellan Aerospace acquires the assets of Lawrence Ripak

Magellan Aerospace Corporation is pleased to announce that it has, through a wholly owned subsidiary, Magellan Aerospace Processing, Long Island, Inc., acquired substantially all the assets of Lawrence Ripak Co. Inc. and Ripak Aerospace Processing LLC ("Ripak") for $USD 23.7 million, subject to normal working capital adjustments. Ripak is an aerospace processing facility located in Long Island, New York. For more than 60 years Ripak has been in business providing a full range of non-destructive test (NDT) services, anodizing, plating, painting, shot peening and other processing to over four hundred customers worldwide.

Magellan's President and Chief Executive Officer, Phillip Underwood commented, "The acquisition of Ripak establishes a North American capability in processing that adds capacity and is complementary to Magellan's existing processing facilities in the UK, Poland and India." It is intended that the company will conduct business under the trade name of Ripak Aerospace Processing and will operate as an independent division reporting to Magellan's Vice President of North American Operations.

"This acquisition provides Magellan control over a comprehensive processing facility in the US, helping to secure a critical supply chain for our customers in the north eastern region of the United States," Mr. Underwood continued, "in addition it allows for the potential introduction of additional capabilities and applications, as our business continues to evolve."

Since 1952, Ripak has grown to a facility of more than150 personnel with 97,500 square feet of processing capability. The company's quality system is Nadcap certified and provides a full suite of customer and Nadcap approved processes to their customer base.