AAR Makes Crain’s Fast 50 List for 3rd Time
Aerospace leader is 3rd largest company on list and one of the most established
WOOD DALE, Illinois – Aerospace leader AAR CORP. (NYSE: AIR) has earned a spot on Crain’s Fast 50 list of Chicago’s fastest-growing companies for the third time.
Based on revenues, AAR is the third-largest company on the list and one of the most established, incorporated in 1955. It clinched a spot on Crain’s list alongside younger, smaller companies such as Sagent Pharmaceuticals, founded in 2006, that are “hard-wired for growth,” as Crain’s collectively describes them. To qualify, companies must have had 2012 revenue of at least $20 million and no more than one year of declining revenue between 2007 and 2011.
Dealing in aircraft parts, logistics and maintenance, AAR had $2.06 billion in revenue in fiscal year 2013, growing 95 percent in the past five years. Based in Wood Dale, AAR employs 427 people locally and more than 6,000 worldwide, across 17 countries.
Crain’s attributes AAR’s recent growth to airlines and governments outsourcing aircraft repair work. But the Company’s longevity speaks to a nimble culture with a track record of anticipating and evolving as markets change.
“A half-decade of acquisitions and defense spending buildups boosted AAR's sales,” Crain’s reported, “but this year the aviation company is looking to a different strategy for growth: bundling its services to find and serve more customers.”
This month AAR will announce key organizational changes and promotions as the Company positions its two operating segments, Aviation Services and Technology Products, for the next phase of growth in the U.S. and abroad.
"We've recently streamlined our segments so that our services are going to market under one umbrella," AAR CEO David Storch told Crain’s.
AAR maintains a diverse portfolio of services and products, a balanced approach that contributes to AAR’s financial strength and ability to serve customers.
Crain's began seeking applications for the Fast 50 list in January, while scouring its lists of public and private companies for likely candidates. Eligibility required headquarters in the six-county area of Cook, DuPage, Kane, Lake, McHenry or Will.
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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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