AAR Completes Acquisition of Aviation Worldwide Services
WOOD DALE, Ill., /PRNewswire via COMTEX/ --AAR CORP. (NYSE: AIR) announced today that it has completed the acquisition of Aviation Worldwide Services (AWS) announced on March 25, 2010. The acquisition strengthens AAR's ability to support national defense priorities, nation building initiatives and humanitarian relief efforts and serve government "smart power" initiatives.
"The acquisition of AWS advances AAR's long-term strategies to expand our participation in the government services market and increase the engineering content of our products and services," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. "The new business enables AAR to provide expeditionary airlift support services and perform engineering and design modifications for specialized rotary-wing aircraft."
AAR has transformed from a supplier of aircraft parts and aftermarket services for commercial airlines into a leading, worldwide provider of products and services to customers in both commercial aviation and government/defense markets. Since 2000, AAR increased its sales to government and defense customers at a compounded annual growth rate of 16.5 percent. In its current fiscal year, third-quarter sales to government and defense customers accounted for nearly half of the Company's total sales.
AAR is a leading provider of value-added products and services to the worldwide aerospace and government/defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and government/defense customers through three operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; and Structures and Systems. More information can be found at 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, 2009 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.
Related newsSee all
February 21, 2024
Airinmar signs extension of aircraft warranty and value engineering services with Philippine Airlines
BERKSHIRE, England — AAR (NYSE: AIR) subsidiary Airinmar, a leading independent provider of component repair cycle management and aircraft warranty solutions, has signed a multi-year support services extension with Philippine Airlines (PAL).
February 20, 2024
Trax announces agreement to provide its eMRO and eMobility software and other cloud services to Archer Aviation
Miami – Trax, a leading global provider of paperless aviation maintenance and engineering software products, announced that it has entered into an agreement with leading electric aviation company, Archer Aviation. Archer will leverage Trax’s web-based enterprise eMRO system and eMobility apps and Trax’s cloud hosting services to manage its planned electric air taxi operations.
February 14, 2024
AAR Prices Upsized Offering of Senior Notes to Finance Triumph Product Support Acquisition
Wood Dale, Illinois – AAR CORP. (“AAR” or the “Company”) (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs and OEMs, announced today that AAR Escrow Issuer, LLC, a wholly owned, unrestricted subsidiary of the Company (the “Escrow Issuer”), has successfully priced its offering of $550 million aggregate principal amount of 6.750% senior notes due 2029 (the “Notes”). The offering was upsized to $550 million from the original offering size of $500 million in aggregate principal amount of Notes. The Notes will bear interest at a fixed annual rate of 6.750% and will mature on March 15, 2029. The offering is expected to close on March 1, 2024, subject to customary closing conditions.