AAR forms Aviation Safety and Training Oversight Committee
December 8, 2020
Wood Dale, Illinois — AAR (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs and OEMs is pleased to announce that it has formed an Aviation Safety and Training Committee (the “ASTC”) at the Board of Directors (“Board”) level. The ASTC will be comprised of three independent directors, with retired United States Air Force General Duncan J. McNabb, who last served as the ninth Commander, United States Transportation Command, serving as Chair, and Robert F. Leduc and Jennifer L. Vogel joining him as committee members. The ASTC will assist the Board in the oversight of aviation safety matters relating to AAR’s operations, including training employees, promoting a robust safety culture and helping ensure the delivery of services and products with safety as the highest priority.
“Forming the ASTC at the Board level is the strategic evolution of AAR’s commitment to aviation safety, which is of the utmost importance because of the number of aircraft we touch every day and AAR’s importance to the overall aviation chain of safety,” said David P. Storch, AAR’s Chairman of the Board. “We have proactively established the ASTC to help the Board in continuing to fulfill its fiduciary duties overseeing aviation safety matters and ensuring that AAR continues to have a best in class safety program.”
“The ASTC is comprised of seasoned aviation professionals who will provide valuable oversight and guidance regarding aviation safety matters,” said John M. Holmes, AAR’s Chief Executive Officer. “As a Company, we're proud and honored that our customers trust us to perform maintenance on their planes and the ASTC will help us deliver safety programs that are on the cutting edge of industry practice.”
“I am delighted to chair the newly formed ASTC at AAR as the Company continues its journey to be best in class in delivering aviation safety,” said Duncan J. McNabb. “The ASTC will provide oversight regarding AAR’s training programs and safety culture, and I look forward to working with AAR leadership, the committee members, and the Board on this important initiative.”
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, 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.