AAR CEO David P. Storch Receives Leroy Grumman Award from Cradle of Aviation
October 28, 2016
Long Island museum honors aerospace industry leader alongside Apollo 16 astronaut
GARDEN CITY, New York, October 28, 2016 – David P. Storch, Chairman, President and CEO of AAR Corp., a leading provider of aviation aftermarket services to the world’s airlines and government, received the 2016 Leroy R. Grumman Award for Technical Achievement on October 27 at the Cradle of Aviation Museum and Education Center’s 14th annual Air & Space Gala in Garden City, New York.
The museum, which celebrates Long Island’s vital role in aviation progress, recognized Storch for AAR’s contributions to commercial and military flight around the globe, and for his visionary support of the region’s flourishing STEM Magnet School on the Cradle’s campus.
Each year through that program, about 100 high school students in Westbury Union Free School District spend half of their day at the Cradle’s campus for enrichment in science, technology, engineering and mathematics. Through a partnership with AAR’s aircraft component repair facility in Garden City, the students also have shadowed AAR workers, landed internships and received career counseling.
About 70 percent of the students in the program major in STEM subjects in college, well above the national average. In addition to lending corporate support, Storch, who graduated from Westbury schools, serves as a powerful role model for the students, many of whom are from underserved communities.
"The Cradle of Aviation Museum is thrilled to honor David Storch and AAR for their ongoing support of the museum's education and preservation efforts,” said Andrew Parton, Executive Director of the Cradle of Aviation Museum.“It's leaders like David who help us create the next generation of engineers, scientists, pilots and astronauts.”
Storch said he was honored to be chosen for the award and to meet Apollo 16 astronaut Charles Duke, who received the Cradle’s Spirit of Discovery Award at the gala.
“Growing up on Long Island, which was an early hub for aviation excellence, I was fascinated with flight,” Storch said. “Now, as the leader of AAR, I am excited to partner with the Cradle of Aviation museum as it helps enlighten today’s young people about opportunities in the industry, which may help develop the aviation enthusiasts of the future.”
About the Cradle of Aviation
The Cradle of Aviation Museum and Education Center sits on land once part of Mitchel Air Force Base which, together with nearby Roosevelt Field and other airfields on the Hempstead Plains, was the site of many historic flights. In fact, so many seminal flights occurred in the area that, by the mid-1920s, the cluster of airfields was already dubbed the “Cradle of Aviation.” The museum originally opened with just a handful of aircraft in the un-restored hangars in 1980. A major renovation and expansion program in the late 1990s allowed the museum to reopen in a state-of-the-art facility in 2002. More information can be found at www.cradleofaviation.org.
AAR is a global aerospace and defense aftermarket solutions company with operations 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 operations. Additional information can be found at www.aarcorp.com.
Media contact: Daniela Pietsch, Vice President Corporate Marketing & Communications, at email@example.com 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, including, but not limited to,statements regarding the agreement to establish The Module Factory,AAR’s estimate that it will manage the teardown, repair, marketing and sales of spare parts of FTAI’s CFM56 engine pool totaling over 200 engines and growing, AAR’s ability to leverage its extensive USM capabilities to offer CFM56 serviceable engine material to the global commercial aviation aftermarket, that the partnership positions AAR well to service the growing demand for USM on a leading engine platform as customers increasingly prioritize more cost-efficient solutions, and the belief that serviceable engine products, combined with FTAI’s proprietary products and partnerships, completes its unique suite of CFM56 aftermarket offerings aimed at delivering the lowest cost per cycle solution to airline customers. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. 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, 2016. 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.