Ted if this doesn't give it a bump nothing will.
Magellan Aerospace awarded contract with Boeing
Magellan Aerospace Corp MAL
Shares issued 59,212,690 Feb 14 close $5.05
Tue 15 Feb 2000 News Release
Mr. W.A. Matthews reports
Magellan Aerospace has been awarded a long-term contract with Boeing
Commercial Airplanes Group, Seattle, Wash., to produce components and
assemblies for the next-generation 737, 747, 757, 767 and 777 airplanes.
The contract is effective for five years, through 2004, and is valued at
$600-million. The work will be delivered from Magellan facilities in
Ontario, Manitoba, Ohio and New York.
"We are very pleased to be entering this contract with Boeing. Having
established ourselves as a competitive supplier of complex aerostructures,
we continuously find ways to improve our processes and take costs out, for
the benefit of both Magellan and our customers," stated Richard Neill,
Magellan president and chief operating officer. Magellan has benefited from
supplier consolidation initiatives at a number of prime contractors, who
have found broad capability and outstanding value in the company based in
Toronto, Ont.
The Boeing contract provides a solid base of work for Magellan,
representing 15 to 25 per cent of Magellan's annual sales over the
five-year term. "We share the team concept that has been proposed by
Boeing, and look forward to a strong, long-term partnership with one of our
most valued customers," said Bill Matthews, Magellan vice-president of
marketing. "We know that we can contribute to cost reductions at Boeing,
and we have the engineering and technical skills to manage additional
large, challenging work packages," he added.
Boeing Commercial Airplanes Group is the world's leading provider of
commercial jetliners, and maintains its leadership with intense focus on
customers and their requirement for products and services that deliver the
highest value. Boeing has recorded orders that exceed all other
manufactures combined and has delivered to more than 700 operators
including airlines, leasing companies, governments and private firms.
Boeing offers 23 airplane models to serve every passenger market from 100
seats to nearly 600 seats, as well as the most complete line of cargo
freighters.
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