AAR to Service Air New Zealand’s A320ceo and A320neo Fleets Under a Long-Term PBH Agreement
September 20, 2018
WOOD DALE, Illinois, September 20, 2018 –AAR (NYSE: AIR), a global leader in aviation services, will provide full power-by-the-hour (PBH) support of Air New Zealand’s A320 fleet under a long-term agreement. The contract covers a total of 48 aircraft including 30 A320ceos and 18 A320neos.
“We are very pleased to expand our relationship with Air New Zealand and extend our component support to their A320 fleet,” said AAR’s Deepak Sharma, President, Integrated Solutions – Commercial. “Our capabilities continue to expand to meet our customers’ evolving needs in our fast-changing industry.”
This is the latest example of the deepening relationship between AAR and Air New Zealand, the nation’s flag carrier airline. In 2017, AAR designated Air New Zealand’s component center as its Asia Pacific MRO of choice and the two companies successfully implemented a long-term repair contract. This new agreement also includes reciprocal repair work with Air New Zealand for the Asia-Pacific region.
“This contract reflects our strong ongoing relationship, continued focus on exceeding customer expectations and shared core values with Air New Zealand. We are proud of our partnership and committed to continuing to provide efficient and high-quality services to the airline,” said John Holmes, President & CEO, AAR.
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 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 the estimated contract value. 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, 2018 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.