Statement by AAR President and CEO David P. Storch in Response to FAA Notice Of Proposed Civil Penalty
WOOD DALE, Ill., /PRNewswire/ -- AAR CORP. President and CEO David P. Storch today issued the following statement in response to the FAA's Notice of Proposed Civil Penalty regarding one of the company's operating units:
"Safety is AAR's top priority, and we have maintained an impeccable safety record throughout our 50 years in this business.
"In early 1997, AAR was the purchaser of a large consignment of inventory, including Passenger Service Units (PSUs), from a French supplier. As soon as we became aware that the seller had shipped certain PSUs to us with potentially hazardous material, we notified the FAA. Since that time, we have cooperated fully with the FAA.
"We believe our contract for the purchase of the inventory in question clearly provided that the seller and its freight agent, not AAR, were responsible for packaging, labeling, and shipping the assemblies in accordance with all applicable laws and regulations.
"We also believe AAR has acted appropriately in the situation, and we will vigorously defend our position with respect to the FAA allegations."
AAR CORP. (NYSE: AIR) is the preeminent provider of products and value-added services to the worldwide aerospace/aviation industry. Products and services include proprietary inventory management and logistic support services, encompassing supply, repair and manufacture of spare parts and systems. Headquartered in Wood Dale, Ill., AAR serves commercial and government aircraft fleet operators and independent service customers throughout the world. SOURCE AAR CORP.
CONTACT: Dawn Kaiser of AAR Corp., Investor Relations, 630-227-2098, or email, firstname.lastname@example.org
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