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 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 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, 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, 2019. 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.