An airplane components manufacturer may add 40,000 square feet of space to its Bohemia factory if it wins a new contract, executives said yesterday.

Magellan Aerospace Corp. is in fierce competition for new work, said New York general manager John T. Marcello. “We are competing for a piece of work that would require us to expand,” he said after giving a tour of the Bohemia operation to state officials.

Marcello did not offer details on the potential contract.

The Aero Road plant is 142,000 square feet and employs 124. A sister plant in Corona, Queens, employs about 175.

Together, they turn out wings, landing gear and other parts for commercial and military aircrafts that are sold by Boeing, among others. The parts are primarily made of titanium.

The Magellan facilities have saved $1 million on their utility bills since 2012 because of allocations of cheap electricity from the state Power Authority.

“Every dime that we save goes back into the business,” said Marcello, who has worked for Magellan and its predecessor for nearly 25 years. “We’ve invested in new equipment, because if you don’t, you lose your edge.”

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He showed state Power Authority CEO Gil Quiniones and Islip Town economic development officials new milling and metal cutting machines that were recently installed as part of a planned $27 million upgrade.

Quiniones said the equipment and Magellan’s pledge to employ 125 people in Bohemia led to the awarding of 1,200 kilowatts of cheap electricity under the ReCharge NY program. The allocation is for seven years and continues state support for Magellan that dates to the mid-1990s.

Magellan is among 156 local businesses, hospitals and nonprofits that receive the authority’s power in return for retaining and creating 59,472 jobs and investing $2.8 million.

Quiniones said ReCharge NY still has 155 megawatts to distribute to companies and nonprofits. One megawatt equals 1,000 kilowatts and is enough to meet the needs of 800 to 1,000 homes.

He also said the authority would consider supporting any future Magellan expansion in Bohemia.

William Mannix, executive director of the Islip Town Industrial Development Agency, said it would consider tax breaks to support enlarging the facility.

Magellan in November bought Lawrence Ripak Co. Inc., an aerospace components processor in West Babylon that employs 164.

CLARIFICATION: The state power authority has not made a decision on whether to provide additional cheap electricity to Magellan. Earlier versions of this story indicated a decision had been made.