08:36 AM EDT, 04/28/2025 (MT Newswires) -- Magellan Aerospace ( MALJF ) said Monday that it signed an amendment to a long-term revenue sharing agreement with GE Aerospace to include the production of major components for the F414-GE-400K aircraft engine for the Korean KF-21 aircraft program.

Under the amended terms, Magellan's facilities in Mississauga, Ontario, and Winnipeg, Manitoba, will deliver F414 engine frames to GE Aerospace in Lynn, Massachusetts over a seven-year period. The facilities will be the sole source provider for the KF-21 aircraft, the US Navy spares, and the Gripen F414-39E engine programs, the company said.

"We are delighted to be continuing this relationship with GE Aerospace that has weathered many industry highs and lows over the past 60 years," said Haydn Martin, Magellan's vice president, business development, marketing and contracts.

Magellan noted that Hanwha Aerospace and Korea Aerospace Industries signed contracts with South Korea's national arms procurement agency in mid-2024 to produce the first batch of indigenous KAI KF-21 4.5-generation fighter aircraft. A subsequent defense acquisition program administration contract with Hanwha Aerospace covered the delivery of 44 F414-GE-400K engines for the KF-21 aircraft program from 2025-2026.

"Our shared commitment to this long-term collaboration has fostered a strong foundation, enabling both companies to consistently achieve excellence and sustained performance," Martin said.