Magellan just issued the following release, does anyone know Chicopee and how it will be an asset to MAL.
MAGELLAN AEROSPACE CORPORATION
TORONTO, May 5 /CNW/ - Magellan Aerospace Corporation (''Magellan'')
today announces that it has entered into an agreement to acquire Chicopee
Manufacturing Limited (''Chicopee'').
Chicopee of Kitchener, Ontario produces precision machined medium and
large components and sub-assemblies primarily for the aerospace industry.
Chicopee specializes in machining of high-strength steels, titaniums and a
variety of aluminum alloys. Major customers include Boeing Canada, Boeing
Seattle, Boeing Wichita, Boeing North American, Menasco Aerospace, Bombardier
(de Havilland), BF Goodrich Aerospace and General Motors.
Chicopee operates from a company owned modern one-story industrial
building situated on 8.5 acres of land in Kitchener, Ontario. The Company
currently employs approximately 200 skilled workers all of whom will continue
employment under Betty Sims, the current President and General Manager. Betty
has agreed to continue to lead Chicopee in the future. Chicopee is expected to
generate revenue of approximately $45 million in the twelve months ending
December 31, 1998.
The purchase is expected to be completed shortly and will be funded out
of existing working capital resources and with new long-term financing.
Magellan Aerospace Corporation, whose shares (MAL) are traded on The
Toronto Stock Exchange, manufactures, repairs and overhauls products for the
international aerospace industry through ten subsidiaries and divisions:
Bristol Aerospace Limited of Winnipeg and Rockwood, Manitoba and Medicine Hat,
Alberta; Fleet Industries Ltd. of Fort Erie, Ontario; Orenda Aerospace
Corporation of Mississauga, Ontario; Orenda Recip Inc. of Truro, Nova Scotia;
A-R Technologies of Richmond, British Columbia; Aeronca, Inc. of Middletown,
Ohio; Middleton Aerospace Corporation of Middleton, Massachusetts; and Langley
Division of San Diego, California.
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