Aerospace firm's U.K. subsidiary inks deal to continue building parts for three of plane maker's aircraft families
TORONTO—Canadian aircraft and engine component manufacturer Magellan Aerospace Corp. has won two major contracts with Airbus Group valued at approximately $720 million.
Amounting to the lion’s share of the work, the company’s U.K. subsidiary has been awarded a $700 million contract extension to continue building aluminium and titanium structural wing components for Airbus’ A320, A330 and A380 aircraft families. Magellan Aerospace (UK) Ltd. also secured a $20 million deal to build wing ribs for Airbus’ superjumbo A380.
“This multi-million dollar scope of work with Airbus demonstrates our commitment to supporting our customer’s strategy to boost competitiveness through operational efficiency and continuous improvement,” Phillip Underwood, the Mississauga-based company’s president and CEO, said.
With the contracts spanning multiple years, Underwood said the long-term nature of the agreements will allow Magellan to invest in infrastructure at both its domestic operations and in emerging markets.