Magellan Aerospace announced today that an agreement had been reached between Airbus S.A.S. and Magellan Aerospace securing a significant work package to manufacture and supply complex, 5-axis machined wing ribs for Airbus' single aisle A320 product family including the A320neo. This additional work package complements the existing A320 wing ribs manufactured by Magellan Aerospace.

The work package is expected to generate revenues of approximately $US 20 million over the next five years. Magellan will invest in a new high-speed, 5-axis machining centre to be located in its facility in Greyabbey, Northern Ireland, enhancing the capabilities of the existing machining facilities. This investment demonstrates Magellan's commitment to providing world class manufacturing facilities to support its customer programmes.

Mr Jim Butyniec, President and Chief Executive Officer of Magellan stated that securing this package continues Magellan's drive to focus on core products at all our facilities. He said, "This new package, together with Magellan's existing wing rib packages, secures our position as a major supplier on the A320 programme."