AAR Signs Component Support Agreement with Wataniya Airways
June 26, 2017
Agreement to enhance airline’s services and operational efficiencies
WOOD DALE, Illinois, June 26, 2017 – AAR (NYSE: AIR) announces the latest expansion of its commercial business in the Middle East: A multiyear contract to provide power-by-the-hour component support for Wataniya Airways, one of the national carriers for the state of Kuwait. AAR will support Wataniya’s fleet of Airbus A320 aircraft through its extensive inventory network, including parts warehouses in Dubai and Europe, and position local stock in Kuwait.
“With significant component stock in the Middle East, AAR is well-positioned to support Wataniya Airways and its plans for rapid expansion to more than 30 destinations in the first two years of operation,” said Deepak Sharma, President, AAR International Supply Chain. “We are pleased that Wataniya chose AAR for our experience and knowledge in the industry that will not only assist in their startup phase but also will facilitate a long-term partnership.”
“As Wataniya Airways prepares to launch, we are delighted to gain a trusted partner like AAR with a proven track record in the aviation aftermarket, providing a total support solution to ensure we meet our customers’ expectations and maintain the highest levels of quality, reliability and safety,” says Mr. Ali Alfouzan, Chairman, Wataniya Airways.
Based in Kuwait, Wataniya Airways will operate flights from Kuwait throughout the Middle East, Asia, North Africa and Europe.
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.