AAR Responds to FAA Emergency Order of Suspension for Its Landing Gear Services Repair Station
WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR CORP. (NYSE: AIR) announced today that on Tuesday, February 10, 2009, AAR Landing Gear Services received an Emergency Order of Suspension from the Federal Aviation Administration, Southern Region, Office of the Regional Counsel, temporarily suspending the repair station certificate for its Landing Gear Services repair station in Miami, Florida.
The Company has been in regular communication with the FAA following facility inspections by the FAA in early July 2008. On July 16, 2008, the FAA issued a written notice of alleged discrepancies, to which the Company responded with corrective actions on July 29, 2008. On November 7, 2008, the Company met with FAA representatives to discuss its responses and corrective actions. As recently as January 30, 2009 the Company received a follow-up letter from the FAA identifying items that required further attention. The Company was in the process of responding to that request when it received the order of suspension.
During this period, the Company engaged consultants, including FAA Designated Engineering Representatives (DERs), to review its manuals, policies and procedures to confirm compliance with Federal Aviation Regulations (FARs). Additionally, during this period, the Company implemented an enhanced quality assurance function that exceeds current regulatory requirements and successfully submitted to and passed 25 quality and process audits by customers, including the Department of Defense.
"We have worked diligently with the FAA over the past year to respond to its concerns," said David P. Storch, Chairman and Chief Executive Officer, AAR CORP. "We remain committed to resolving this matter as expeditiously as possible. The Company will also work equally hard to minimize any inconvenience to its customers and employees during this period."
AAR's Landing Gear Services business operates as part of the Company's Maintenance, Repair and Overhaul segment and represents approximately 6 percent of the Company's total sales.
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, 2008 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 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.
Chris Mason, Director, Corporate Communications, AAR CORP.
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