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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing -- Ignore unavailable to you. Want to Upgrade?

To: thomas gentry who wrote (457)	12/18/1998 10:25:00 AM
From: Dennis Lefebvre	Read Replies (1) \| Respond to of 633

thomas gentry, Look at this.... Den Attention Business Editors: Magellan awarded contract for Airbus 340-500/600 aircraft TORONTO, Dec. 18 /CNW/ - Magellan Aerospace Corporation (the ''Corporation'') (MAL) today announced the receipt of a major award for the new Airbus Industrie 340-500/600. This contract from Aircelle of Harfleur, France is for the production of engine exhaust nozzles and plugs. Aircelle is a joint venture company owned equally by Airbus Industrie and Hispano-Suiza Aerostructures created to develop and produce aircraft nacelles. Under the terms of the long-term contract, Magellan will be delivering the certification units in 1999 and 2000 with production units scheduled for delivery from 2001 - 2012. At anticipated full production levels, the contract is expected to generate revenue of over $30 million (CDN) per annum. Currently Airbus Industrie has orders and options for 130 aircraft including an order received from Air Canada for 5 firm deliveries and options for a further 10 aircraft. Other confirmed customers for the new aircraft include Lufthansa, Swissair, Singapore Airlines, EVA, Egyptair, Aerolineas Argentinas, Virgin Atlantic and ILFC. The A340-500/600 aircraft is the latest model of the A340 family designed to travel extended distances and provide state of the art passenger service amenities. Market projections for this model extends to over 300 aircraft. This award is the first significant contract for Airbus aircraft received by Magellan Aerospace and provides a base to develop a strong relationship for future business opportunities on Airbus Industrie products. Magellan Aerospace Corporation, whose shares (MAL) are traded on the The Toronto Stock Exchange, manufactures, repairs and overhauls products for the international aerospace industry through the following subsidiaries and divisions: Bristol Aerospace Limited of Winnipeg and Rockwood, Manitoba and Medicine Hat, Alberta; Chicopee Manufacturing Limited of Kitchener, Ontario; 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; Langley Division of San Diego, California; and Ambel Precision Manufacturing Corporation of Bethel, Connecticut. %SEDAR: 00002367E -0- 12/18/1998