TORONTO, April 12, 2019 /CNW/ - Magellan Aerospace
Corporation ("Magellan") announced today an agreement with Atlas
Elektronik Canada Ltd. ("Atlas") for the design and development
phase of the SeaSpider® Anti Torpedo Torpedo ("ATT") program. The
initial CDN $19 million phase of the
program was launched in January 2019
and is expected to conclude in 2023. Magellan will lead the
design and development of the SeaSpider® ATT rocket motor and
warhead sections of the torpedo that includes design, build, test,
and product qualification.
SeaSpider® ATT is a new defence product that can be utilized by
surface vessels and submarines to detect and destroy attacking
torpedoes. The SeaSpider® is a marked improvement over
currently available anti-torpedo systems that reply on decoy
countermeasures rather than destroying the attacking torpedo.
The SeaSpider® ATT combines the best technology and decades of
experience of Atlas and Magellan – the expertise of Atlas in naval
systems and torpedoes and the industry leading rocket technology of
Magellan.
"The partnership between Atlas and Magellan will bring to market
an innovative new torpedo defence system that will be the first of
its kind in this growing market segment", said Mr. Haydn Martin, Magellan's Vice President,
Business Development, Marketing and Contracts. "We welcome
the opportunity to collaborate in this exciting new endeavor with
Atlas Elektronik."
About Magellan Aerospace Corporation
Magellan Aerospace Corporation is a global aerospace company
that provides complex assemblies and systems solutions to aircraft
and engine manufacturers, and defense and space agencies worldwide.
Magellan designs and manufactures aeroengine and aerostructure
assemblies and components for aerospace markets, advanced
proprietary products for military and space markets, and provides
engine and component repair and overhaul services worldwide.
Magellan is a public company whose shares trade on the Toronto
Stock Exchange (TSX: MAL), with operating units throughout
North America, Europe, and India.
Forward Looking Statements
Some of the statements in this press release may be
forward-looking statements or statements of future expectations
based on currently available information. When used herein, words
such as "expect", "anticipate", "estimate", "may", "will",
"should", "intend", "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements are based on estimates and assumptions made by the
Corporation in light of its experience and its perception of
historical trends, current conditions and expected future
developments, as well as other factors that the Corporation
believes are appropriate in the circumstances. Many factors could
cause the Corporation's actual results, performance or achievements
to differ materially from those expressed or implied by the
forward-looking statements, including those described in the "Risk
Factors" section of the Corporation's Annual Information Form
(copies of which filings may be obtained at www.sedar.com). These
factors should be considered carefully, and readers should not
place undue reliance on the Corporation's forward-looking
statements. The Corporation has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Magellan Aerospace Corporation
