Howmet Aerospace Surges as Rival Magellan Files Chapter 11
Howmet Aerospace (HWM) has emerged as a dominant player in the aerospace supply chain after rival Magellan Aerospace Middletown filed for Chapter 11 bankruptcy in Ohio on July 22, 2026. The Middletown facility, a U.S. unit of Canadian parent Magellan Aerospace Corporation, listed $10M-$50M in assets against $50M-$100M in debts. Howmet, a 138-year-old aerospace giant, hit an all-time high of $293 on July 24 and raised its full-year profit outlook by 11% after strong Q1 2026 results, including 39% revenue growth in gas turbines and 20% in commercial aerospace. The article contrasts the two firms: Magellan's collapse stemmed from expired legacy contracts (Airbus A340, A318, A380, Boeing 747), a canceled A320neo award, Boeing 767 wind-down, and over $13M in environmental liabilities, while Howmet benefits from record commercial aircraft backlogs (16,925 aircraft) and diversified programs. The analysis concludes that aerospace growth is concentrated in premium suppliers with pricing power.
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