Magellan Aerospace (T.MAL, StockForum) was contracted by BAE Systems to support their efforts as a principal member in Lockheed Martin's F-35 program to provide horizontal tail assemblies for the aircraft's conventional take off and landing mode. Over the term of the twenty-year contract, Magellan is to manufacture approximately one thousand component sets. The first shipment from this massive agreement left the Winnipeg manufacturing facility and arrived in Lockheed Martin's facility in Fort Worth according to plan. Magellan CEO, James Butyniec, was quick to add, “The reports we have received from Lockheed and BAES indicate that the product we delivered to the assembly line was installed without complication.”
Magellan made many proactive infrastructure investments in order to create an entity that could fulfill material obligations, thus fully realizing the potential $2+ billion revenue stream. Officials point to the success of this maneuver by citing the $100+ million gross profit already received by the company since Magellan's involvement the F-35 program.
Butyniec, already pleased with the successful first installation of their horizontal tail assemblies, was happy to note that Magellan is also contracted to convert presently flying F-35Bs for short take off capability. Magellan feels that this particular project milestone clearly indicates that the company can handily compete in the global aerospace supply industry.