AAR Duluth Facility Delivers Jobs, Commercial Benefits Statewide
Company COO outlines regional economic impact at APEX annual meeting
DULUTH, Minnesota – Global aerospace leader AAR (NYSE: AIR) is positioned to generate an estimated $47 million annually in economic impact in the state from its maintenance, repair and overhaul (MRO) facility in Duluth. Timothy J. Romenesko, AAR’s President and Chief Operating Officer, delivered the positive economic news today during his keynote address at the annual meeting of APEX, an organization focused on business development in the region.
Since November, AAR has hired more than 100 aircraft mechanics and other employees for the Duluth operation. At capacity, the new aircraft repair station will accommodate up to five narrow-body airplanes and create as many as 225 good-paying, skilled positions.
“AAR is a mid-sized company experiencing significant growth and we are eager to contribute to St. Louis County’s future development with our newest operation in Duluth,” Romenesko said, adding the Company would pay more than $2.5 million a year in state and local taxes and support an estimated 200 additional related jobs.
“We’re still hiring, expanding our search across the state. With so many people looking for work, this is a much-needed boost in our area,” said Danny Martinez Vice President, Technical Services, AAR Aviation Services Group. “We’re glad to be putting people back to work, especially our veterans.”
This month, AAR launched aggressive recruitment nationwide to staff the five aircraft repair stations that comprise its 1MRO™ service delivery network.
“Our long-term economic strategy includes attracting companies like AAR that invest in facilities, contribute to our local community and supply good-paying jobs both now and into the future,” said Brian Hanson, APEX’s President and Chief Executive Officer.
Founded in 2003, APEX is a private sector led business development engine for northeast Minnesota and northwest Wisconsin. APEX members represent some of the most influential companies in the region, with a collaborative approach to promoting sustainable economic growth throughout the Northland.
AAR is a global aftermarket solutions company that employs more than 6,000 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; engineering services and component repair. AAR’s Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions. More information can be found at www.aarcorp.com.
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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 Form 10-K for the fiscal year ended May 31, 2018. 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.
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