AAR Receives Prestigious Presidential ‘E’ Award for Export Expansion
Aerospace leader bestowed honor by U. S. Commerce Department
WOOD DALE — AAR (NYSE: AIR), a leading provider of products and services to the global aerospace industry, today accepted the President’s “E” Award presented by U.S. Deputy Secretary of Commerce Rebecca Blank. “E” Awards are the highest recognition American businesses can receive for making a significant contribution to the expansion of U.S. exports.
“International sales have been a strong driver of our continued growth, and we are honored to receive the President’s ‘E’ Award in recognition of that,” said AAR Chairman and CEO David P. Storch. “For us, increasing exports really comes down to taking our core value propositions of helping customers do more with less and bringing that approach to more markets.”
In the past four years, AAR has boosted its exports by more than 35 percent to $373.7 million in calendar year 2012, accounting for approximately 17 percent of the Companies sales. Meanwhile, AAR increased its workforce 26 percent since 2008, to 6,700 employees, despite a tough economy.
“I am delighted to be recognizing this year’s Presidential ‘E’ Award winners for their outstanding contributions to U.S. exports and congratulate AAR on its outstanding export achievement,” said Acting Secretary Blank. “It is businesses like AAR that are strengthening the economies of local communities, creating jobs and contributing to the worldwide demand for ‘Made in the USA’ goods and services.”
AAR exports to 76 counties, chiefly the United Kingdom, Germany and Canada. The Company has also made inroads into new markets such as China, India, the Middle East and Africa. In some cases, to help overcome differences in culture, language and regulatory environments, AAR has developed strategic partnerships with in-country partners to better understand its customers and build relationships.
“We have grown our international business in the same manner we’ve grown our business in North America: by listening to the needs of our customers,” Storch said. “To meet the requirements of our worldwide customer base, we expanded and modified our portfolio of products and services. And we’ve captured market share by providing higher value than even in-country competitors.”
To ensure that its export operations run smoothly, AAR requires that all relevant employees receive recurrent, annual export awareness training. In addition, AAR facilities have personnel that possess in-depth knowledge of U.S. export/import regulations to oversee trade activity and compliance.
The President’s “E” Award was created by President John F. Kennedy in 1961 to encourage U.S. companies to sell their products abroad. Honorees must demonstrate a significant contribution to U.S. export expansion that is measurable, innovative, sustainable, and has broad impact. All nominations are reviewed by the “E” Award Committee, which is chaired by the Department of Commerce.
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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