Back to news

November 7, 2018 | Local, Aerospace

Magellan Awarded CDN $140 Million Contract Extension with Airbus

Toronto, Ontario – 5 November 2018 -- Magellan Aerospace Corporation (“Magellan”) announced today, that they have secured a six year agreement with Airbus for a contract extension for the manufacture of A350 XWB centre wing box and keel beam detail parts. It is estimated that revenue generated from this work package will exceed CDN $140 million dollars over the term of the contract. The package consists of a number of large structural, machined components, and will be manufactured by Magellan in the United Kingdom and supplied to the Airbus assembly facility in Nantes, France.

Mr Haydn Martin, Magellan's Vice President, New Business Development said, “This contract extension has been achieved through a combination of demonstrated operational excellence and market competitive pricing. As a strategic partner to the Airbus Group, Magellan continues to align our technology investments and manufacturing best practices to meet their current and future requirements.

About Magellan Aerospace Corporation

Magellan Aerospace Corporation is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defense and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout North America, Europe, and India.

Forward Looking Statements

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. When used herein, words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Corporation believes are appropriate in the circumstances. Many factors could cause the Corporation's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the Corporation's Annual Information Form (copies of which filings may be obtained at www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the Corporation's forward-looking statements. The Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For information: Laura Podaima Director, Corporate Communications Magellan Aerospace Ph. 204 788 2831 laura.podaima@magellan.aero

http://magellan.aero/investors/press-releases/

On the same subject

  • Xtract Technologies Secures $975,000 DND Contract

    February 6, 2020 | Local, C4ISR

    Xtract Technologies Secures $975,000 DND Contract

    Xtract Technologies, a subsidiary of Patriot One Technologies, has secured a $975,000CAD Contract with Canada's Department of National Defense through the Public Works and Government Services Canada Division. The contract is for a project related to improving situational awareness for the Canadian Armed Forces and security personnel using video analytics, artificial intelligence and augmented reality. This project will continue previous work completed by Xtract.ai for the CAF to develop technology solutions to augment the situational awareness of their soldiers and address the following challenges: detect, recognize, and identify persons or objects of interest in a physical environment, and/or track identified persons and objects of interest using seamless information sharing across a decision network. Work will proceed in multiple phases, including the design, development and deployment of advanced machine learning models, proprietary data sets and integration with advanced visualization hardware. “We're very excited to leverage the Xtract.ai team's expertise in video analytics, object detection and artificial intelligence with the Canadian Department of National Defense,” expresses Martin Cronin, CEO of Patriot One Technologies. “With the work Xtract.ai has be doing with several clients, as well as on Patriot One's PATSCAN Multi-Sensor Covert Threat Detection Platform, the team brings tremendous experience in video analytics and threat object detection and look forward to delivering a high-performing solution that we hope will augment our military personnel in their service to our country.” http://www.canadiandefencereview.com/news?news/2796

  • Canadian military drones will face challenges operating in Arctic, RCAF report warns

    August 13, 2024 | Local, Aerospace

    Canadian military drones will face challenges operating in Arctic, RCAF report warns

    “Canada’s environment provides unique challenges,” an RCAF briefing noted, including frigid temperatures and satellite coverage limits.

  • CRIAQ START-UP - Deadline January 22nd 2021

    January 11, 2021 | Local, Aerospace, C4ISR, Security

    CRIAQ START-UP - Deadline January 22nd 2021

    Program details The CRIAQ Start-up Grant is targeted for Quebec start-ups active in the aerospace sector. Through a competitive process, CRIAQ will award two $10,000 grants per year in support of the technological development of two start-ups, under the rationale that this funding will help to bring the development of the product or service into alignment with potential users and customers. Project submission and approval process To be eligible for this grant, the company must be a start-up in and at least a portion of its activities must be geared toward the aerospace industry (products, services, solutions) and must be a good standing member of CRIAQ or must commit to become one before the grant is awarded. Elements to be considered will include the following: Date of incorporation within the last two years Number of employees (fewer than ten) Participation in a recognized incubator or accelerator Etc. Proposals will be evaluated according to the following four (4) criteria: Novelty of the product or service Technical feasibility Aerospace business opportunity potential Quality of the team It is also important to note that applications from companies stemming from a CRIAQ research project will be evaluated positively. Application and additional information The form below must be completed and submitted no later than January 22, 2021. The evaluation will be completed by February 5, 2021. Recipients must be available between February 16-19, 2021 for the announcement to be made at the CRIAQ RDV Forum. https://www.criaq.aero/en/program/criaq-start-up/

All news