Magellan Aerospace Corp

Description

Magellan Aerospace Corporation is an integrated aerospace company based in Mississauga.

The company designs, develops, and manufactures aerospace components such as aero-engines, aerostructures and assemblies, rockets, and other components.

Magellan offers a diversified portfolio of aerospace products and services, including aero-engines and shafts, aerostructures, rocket systems, space solutions, sand castings, maintenance, repair and overhaul services and Wire Strike Protection System (WSPS).

The Canadian company provides aerospace solutions to aircraft and engine manufacturers and upgraded products to defense and space agencies across the globe. In addition, the aerospace company produces technology-based specialty products and markets them for industrial power generation worldwide.

The aerospace company claims to strategically invests in joint ventures in India to provide customer service solutions and ensure a healthy supply chain network. It has operations in Canada, the United States, Europe and India.

On January 14, 2021, the company entered into an agreement with Raytheon Missiles & Defense worth $61.4 million, wherein Magellan will supply complex missile components. The company's facility in Middletown, Ohio, specializing in high temperature and vacuum brazed honeycomb structures, will manufacture the complex missile components for Raytheon.

As per a memorandum of understanding dated February 8, 2021, General Electric Aviation Canada has reportedly agreed to support and process sustainment solutions for the GE F414-GE-400 engine for Magellan.

On March 16, 2021, Magellan Airspace and Avio Aero, a GE-based aviation company, entered into a renewal agreement. According to the agreement, Magellan will supply magnesium and aluminum castings from its Haley Facility and Glendale Facility.

Further in March 2021, Magellan Aerospace Corporation and Boeing Commercial Airplanes agreed to extend the supply contract for the landing gear kits and other aerospace structural components for three aircraft, namely, 737, 767, and 777. The manufacturing operations will be carried at Magellan's facilities in Kitchener and New York City.

The integrated aerospace company is listed on the TSX under quote of ‘MAL’.