AAR Completes Acquisition of Summa Technology, Inc.
WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR CORP. (NYSE: AIR) announced today that it has completed the acquisition of Summa Technology, Inc., ("Summa"), a leading provider of high-end sub-systems and precision machining, fabrication, welding and engineering services. The acquisition of Summa builds upon AAR's wide range of capabilities and extends the Company's portfolio of manufactured products and engineering services.
"We are excited about this strategic combination, which further strengthens AAR's competitive position in the market for aerospace and defense products and services," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. "Summa joins us with a solid management team, excellent long-term customer relationships and diverse manufacturing capabilities that are well-aligned to growth opportunities in our markets."
Summa participates in a variety of high-priority aerospace and defense programs which include munitions supply, military and business jets, tactical missile platforms, military vehicles and space launch vehicles. Many of these programs, such as Joint Strike Fighter, Expeditionary Fighting Vehicle and ARES Launch Vehicle are very long-term programs.
Summa provides a growth platform for AAR's complex machining and heavy fabrication business and will operate as a part of the Company's Structures and Systems segment. The business will continue to be led by its current Chief Operating Officer, Stephen Werner.
Founded in 1987, Summa is headquartered in Huntsville, Alabama, strategically near Redstone Arsenal, an increasingly important Army installation that is home to the U.S. Army's Aviation and Missile Command (AMCOM), NASA Marshall Space Flight Center and major civilian contractors. Summa has additional facilities in Cullman, Alabama and Lebanon, Kentucky, totaling over 420,000 square feet of manufacturing space with approximately 450 employees. More information is available at http://www.summa.com.
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair & Overhaul; Structures & Systems and Aircraft Sales & Leasing. Learn more at http://www.aarcorp.com.
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 May 31, 2007 Form 10-K. 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 publicly release the result of any revisions that may be made to 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.
Richard J. Poulton,
Chief Financial Officer of AAR CORP.,
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