Magellan Aerospace (UK) Limited is Selected to Supply GKN Aerospace With Major Aluminium and Titanium Structural Components

TORONTO, December 9, 2010 - Magellan Aerospace Corporation announced today that an
agreement has been reached between GKN Aerospace and Magellan Aerospace (UK)
Limited, securing a work package containing structural components for the
Airbus A320 and A330 aircraft.

The package contains a number of major aluminium and titanium
structural components, and is expected to generate revenues in excess of
GBP21 million ($Cdn 34 million) over the next five years. Deliveries are due
to commence in January 2011.

Jim Butyniec, President and CEO of Magellan Aerospace
Corporation said, "This is an exciting contract for the Corporation as it
enhances our position as a global supplier of aerospace components. This is
good news for everyone within Magellan."

"The award of this package is in support of GKN's strategy of
strengthening and consolidating its global supply base to provide GKN's
customers and manufacturing operations with world class supply chain
solutions." commented Rob Soen, Senior Vice President, Supply Chain
Management of GKN Aerospace Services Ltd.

Phil Underwood, Vice President and General Manager of Magellan
UK, said "This work package will be divided amongst three of Magellan UK's
manufacturing facilities, at Bournemouth, Chalfont St Peter and Wrexham,
utilising existing core manufacturing capabilities. The products have been
selected for each site to ensure maximized manufacturing efficiencies,
focusing on core competencies, providing the optimum manufacturing solution."

To support this program Magellan will make further investments
in high speed 5-axis machining technology. These future investments
demonstrate Magellan Aerospace's commitment to world class manufacturing
facilities focused on core competencies.

GKN Aerospace is the aerospace operation of GKN plc (LSE:
GKN), one of the world's largest engineering companies. With sales of
GBP1.5bn, the business is focused around three major product areas -
aerostructures, propulsion systems and transparencies, plus a number of
specialist product areas. GKN Aerospace is a major supplier of complex
composite structures; offers one of the most comprehensive capabilities in
high performance metal processing, and is the world-leading supplier of
cockpit transparencies and passenger cabin windows.

Magellan Aerospace (UK) Limited is a wholly owned subsidiary
of Magellan Aerospace Corporation. Magellan Aerospace Corporation is one of
the world's most integrated and comprehensive aerospace industry suppliers.
Magellan designs, engineers, and manufactures aeroengine and aerostructure
assemblies and components for aerospace markets, advanced products for
military and space markets, and complementary 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
and India.

Forward Looking Statements:

This press release contains information and statements of a
forward looking nature, including in relation to the estimated future
revenues from an agreement over the next five years and timing of expected
deliveries, and is based on a number of assumptions, including the continuing
demand for the Airbus A320 and A330 aircraft, and is subject to a number of
risks and uncertainties, including those associated with the economic
recovery and general declines in air travel, that are difficult to predict,
and\or are beyond the Corporation's control. A number of important factors,
including those set forth in the Corporation's Annual Information Form, could
cause actual outcomes and results to differ materially from those expressed
in these forward-looking statements.

    For additional information:

    Bill Matthews
    Vice President Marketing
    Magellan Aerospace Corporation
    T: +1-905-677-1889 Ext 222
    E: bill.matthews@magellan.aero

    Phil Underwood
    Vice President and GM
    Magellan Aerospace (UK) Limited
    T: +44-(0)1202-598904
    E: phil.underwood@magellan.aero

For additional information: Bill Matthews, Vice President Marketing,
Magellan Aerospace Corporation, T: +1-905-677-1889 Ext 222, E: bill.matthews at magellan.aero;
Phil Underwood, Vice President and GM, Magellan Aerospace (UK) Limited,
T: +44-(0)1202-598904, E: phil.underwood at magellan.aero