Magellan announces new Chief Financial Officer

TORONTO, Dec. 23, 2015 /CNW/ - Magellan Aerospace Corporation (TSX: MAL) recently announced that effective January 1, 2016, Ms. Elena Milantoni has been appointed Chief Financial Officer, succeeding Mr. John Dekker, who has chosen to retire on December 31, 2015. 

Mr. Dekker has been with Magellan Aerospace, and its predecessor company, for thirty years, with many outstanding contributions to his credit.  Phil Underwood, President and CEO, said "John leaves Magellan a stronger company, better positioned to deliver long-term value to our shareholders.  We thank John for his years of service and wish him a long and happy retirement." 

Ms. Elena Milantoni, CPA, CA, joined Magellan in 2007 as Corporate Controller and Treasurer and in January 2014 was promoted to the position of Vice President Finance.  "Elena has been an important member of the Magellan leadership team", said Phil Underwood, "and throughout 2015 she worked closely with John Dekker to ensure a smooth transition of the CFO duties and responsibilities. I am pleased that Elena has accepted the challenges associated with this role and look forward to working with her in this capacity."

About Magellan Aerospace

Magellan Aerospace is a global, integrated aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defense and space agencies worldwide. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, industrial power generation, and specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States, the United Kingdom, India, and Poland.

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

Mr. Phillip Underwood, President and CEO, Magellan Aerospace, Ph. 905 677 1889