AAR Acquires Temperature-Controlled Container Assets from Cool Containers
August 27, 2014
WOOD DALE, Illinois, August 27, 2014 – AAR (NYSE: AIR) announced today that its Mobility Systems business has acquired the assets of Cool Containers, a manufacturer of temperature-controlled containers used to transport climate-sensitive pharmaceuticals and biological cargo. The acquisition enhances AAR Mobility’s global position by extending the company’s logistics expertise into the fast-growing pharmaceutical market while bolstering its military and medical offerings.
“We are excited about the opportunity to expand AAR Mobility’s capabilities and product portfolio,” said AAR Senior Vice President of Technology Products Lee Krantz. “We are looking forward to further developing Cool Containers’ cold-chain shipping technology and forging deeper relationships with our logistics partners in the military and commercial channels.”
Cool Containers designs and manufactures the PharmaPort 360TM, an innovative container that uses regenerative heat exchangers to maintain stringent temperature control for high-value cargo. The refrigerated containers, which are approved by the FAA, can be used to safely ship temperature-sensitive pharmaceuticals, blood plasma, and other biological cargo via air or ground transportation.
AAR is a global aerospace and defense aftermarket solutions company that employs more than 6,000 people in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR's Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair and Overhaul (MRO) Services. AAR's Expeditionary Services include Mobility Systems and Composite Manufacturing operations. Additional information can be found at www.aarcorp.com.
Media contact: Daniela Pietsch, Vice President Corporate Marketing & Communications, at firstname.lastname@example.org or +1 630-227-5100.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's Form 10-K for the fiscal year ended May 31, 2014 and the Company's Form 10-Q for the fiscal quarter ended February 29, 2020. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.