October 19, 1998
AAR Acquires Tempco Hydraulics
WOOD DALE, ILLINOIS -- AAR CORP. announced today that it has acquired the assets of Tempco Hydraulics, Inc., a privately held regional aircraft landing gear repair and overhaul business. AAR expects the acquisition to be accretive to earnings per share within the first year. Terms were not disclosed.
This acquisition, which will operate under the name AAR Tempco Hydraulics and remain in its present location in Miami Lakes, Florida, will be integrated into AAR's existing landing gear repair business in Miami, expanding that unit's capability to include regional airlines. Bill Fondriest, the current general manager and son of the founder of Tempco Hydraulics, will be general manager of AAR Tempco Hydraulics, reporting to Dick Fortner, President and General Manager AAR Landing Gear Services.
"This acquisition is another significant step in our strategy to expand our service and support capabilities for regional airlines and to become a full line supplier to this growing market," David P. Storch, President and Chief Executive Officer of AAR CORP., said. "Tempco Hydraulics has been in business for 35 years and built a strong reputation in the market for high quality products and services and a customer base that includes many leading regional airlines."
Storch continued, "We are very pleased that Bill Fondreist will join us and manage this new business. He has been with the company his whole career and brings established customer relationships and a strong market knowledge to AAR."
AAR CORP., traded NYSE (AIR), and headquartered in Wood Dale, Illinois, is a leading supplier of aerospace/aviation products and services. The Company primarily supplies parts and equipment, performs technical services and manufactures proprietary products for the global aviation industry.
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