AAR Completes Acquisition of Avborne Heavy Maintenance, Inc.
WOOD DALE, Ill., /PRNewswire-FirstCall via COMTEX News Network/ -- AAR (NYSE: AIR) announced today that it has completed the acquisition of Avborne Heavy Maintenance, Inc. (Avborne), an independent provider of aircraft heavy maintenance checks, modifications and painting services located in Miami, Florida. The newly acquired business will operate as part of the Company's Maintenance, Repair and Overhaul (MRO) segment as AAR Aircraft Services -- Miami.
The acquisition significantly increases the Company's MRO capacity, workforce and capabilities. The move adds 226,000 square feet of modern hangar space at Miami International Airport and 467 aviation maintenance technicians (AMTs), increasing AAR's hangar space by 22 percent and bringing the total number of AMTs at AAR to more than 2,000 worldwide.
"We're very impressed with the strong management team, skilled workforce and the high levels of customer satisfaction that they've achieved at Avborne," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. "The acquisition expands our capacity and capabilities at a time when airlines are seeking ways to operate more efficiently, lower their operating expenses and combat the rising cost of fuel."
AAR achieved a 26% compound annual growth rate in its MRO segment over the past three years and was ranked among the top 10 MROs in the world according to a 2007 study conducted by Aviation Week's Overhaul and Maintenance magazine.
AAR is a leading provider of products and value-added services to the worldwide aviation and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve airline and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found 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.
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