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

To: DanL. who wrote (474)	2/5/1999 1:03:00 PM
From: Anthony Wong	Respond to of 633

Magellan Aerospace Corporation new contracts wins - $40 million TORONTO, Feb. 5 /CNW/ - Magellan Aerospace Corporation (the ''Corporation'') (MAL) today announced the receipt of major new programs for manufacture of aeroengine components. The Corporation, through its subsidiary, Middleton Aerospace Corporation (''Middleton''), received a new contract from AlliedSignal Aerospace for manufacture of aeroengine turbine shafts. The total value of the contract is estimated to be in excess of $23 million over a five-year period beginning in 1999. Under the terms of the contract Middleton will be the sole manufacturer of engine shafts for the AlliedSignal LF 507 engine. The LF 507 engine is currently in service with the BAE 146 Regional Jet. Magellan's Bristol Aerospace Limited subsidiary was awarded a contract by General Electric Aircraft Engines to supply turbine frames for the GE F414 engine. The F414 jet engine is the powerplant for the US Navy's newest tactical fighter, the F/A 18F/F Super Hornet, and is a strong contender for other emerging aircraft and defence organizations. The initial value of the contract is $17 million over a three-year period beginning in 2000. Magellan Aerospace Corporation, whose shares (MAL) are traded on 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; Orenda AeroTech 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 -30- For further information: Richard A. Neill, PRESIDENT AND CHIEF OPERATING OFFICER, (905) 673-3250 ext. 3571; Bruce W. Gowan, CHIEF FINANCIAL OFFICER, (905) 677-1889 MAGELLAN AEROSPACE CORPORATION has 27 releases in this database. newswire.ca