AAR signs Memorandum of Understanding with Korean Aerospace Engineering & Maintenance Services for F-16 component maintenance consulting
February 12, 2020
WOOD DALE, Illinois — AAR (NYSE: AIR), a leading provider of aviation services to commercial airlines and governments worldwide, announced today a Memorandum of Understanding (MOU) to provide consulting services for Korean Aerospace Engineering & Maintenance Services (KAEMS).
The two companies will collaborate to define required capabilities and infrastructure for a new KAEMS facility in South Korea that will provide component maintenance for the Republic of Korea Air Force’s (ROKAF) F-16 fleet. The MOU includes training for KAEMS employees at AAR’s component repair facilities in Amsterdam and New York.
“As an independent maintenance, repair and overhaul provider, specifically for the F-16 platform, AAR is an ideal partner for KAEMS,” said Youn Ki Cho, KAEMS CEO. “Our advantages include a commercial model, skilled workforce and familiarity with the F-16 airframe overhaul.”
“AAR has extensive expertise in component maintenance and the F-16 in specific thanks to our global repair centers,” said Ken Hein, AAR’s SVP Group Operations. “Sharing this expertise with our partners at KAEMS will bring a critical readiness capability to South Korea in direct support of its frontline F-16s.”
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, 2019 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.