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Canada Extends CF-18 Engine Deal (Jan. 22)

TORONTO --- Magellan Aerospace Corporation announced today a $60 million extension of its contract to provide repair and overhaul services for the F404 engine powering Canada's CF18 fighter aircraft. The extension is funded for a period of two years, effective 1 January 2002, and contains provisions for further extensions thereafter.

Magellan's Orenda Aerospace, Mississauga, and Bristol Aerospace, Winnipeg, operating units will combine efforts to deliver the contracted work. "This is a significant, recent advance for both the Department of National Defence and for Magellan," stated Richard Neill, President and COO of Magellan Aerospace. "Previously, this work was carried out under several separate contracts. Now, all related contracts have been consolidated into one to Magellan, reducing costs and administration for both parties," he added.

Magellan tracks engine usage, and optimizes maintenance and overhaul requirements, through the use of a computerized system known as Condition- Based Maintenance Support System (CBMSS). This provides the customer with higher availability of engines at a lower cost. Work under this contract includes:

--Repair and overhaul of F404 engines and components;
--Technical investigations and engineering support; and
--Technical publications management services.

"This contract extension is important to us at Magellan, not only for the 75 to 100 jobs it provides, but also because it maintains the technical base for our international work in this area," said Bill Matthews, Vice President Marketing.

Magellan Aerospace Corporation is one of the world's most integrated and comprehensive aerospace industry suppliers. Magellan designs, engineers, and manufactures aeroengine and aerostructure components for aerospace markets, advanced products for military and space markets, and complementary specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (MAL), with operating units throughout the United States and Canada.


Magellan Aerospace Announces Major Defense Contract