Magellan Aerospace Corporation ("Magellan") announced an agreement with Boeing Commercial Airplanes, a business unit of The Boeing Company on a contract extension for the supply of landing gear kits and other complex structural components for the 737, 767, and 777 airplanes. The significant, long term contract extension will see product delivered from Magellan's facilities in Kitchener, Ontario and New York City, New York.

Magellan has made significant investments in manufacturing technology and personnel at all its facilities substantially improving our global competitiveness. Magellan's solution for Boeing Commercial Airplanes, employs a vertical integration strategy utilizing global resources in Kitchener, New York City, and India. Magellan will deliver the kits and hardware direct to Boeing's assembly facilities in Renton and Everett, Washington and will manufacture buffer kits to mitigate production risk.

In securing this agreement, Magellan has demonstrated the ability to meet the competitive demands of cost, quality, and performance expected by Boeing Commercial Airplanes.

Mr. Haydn Martin, Vice President Business Development, Marketing and Contracts for Magellan said, "Securing this major business extension for key Boeing platforms is foundational for our New York and Kitchener facilities as the aerospace industry works to recover from the impact of the global pandemic. The confidence that Boeing has placed in Magellan is significant and demonstrates our ability to offer our customers comprehensive and reliable solutions."