June 05, 2012
AAR Joins Executive Club Panel Addressing Skills Gap
Chairman and CEO David Storch shares strategies for firms facing hiring challenges
CHICAGO – AAR (NYSE: AIR) joined representatives from higher education and workforce development for a special breakfast panel, “Putting People Back to Work By Solving the Skills Gap,” hosted by the Executive Club of Chicago to present solutions to America’s worker shortage.
AAR Chairman and CEO David P. Storch, representing industry, was joined by panelists Cheryl Hyman, Chancellor, City Colleges of Chicago; Joel Simon, AVP with the Council for Adult and Experiential Learning (CAEL); and moderator Julie Cole, VP North America, at Manpower.
The skills gap has been identified as a nationwide problem affecting multiple industries, slowing growth and the economic recovery. Under Mr. Storch’s leadership, AAR has emerged as a thought leader among Chicago-based companies combating the skills gap through public-private partnerships, aligning curriculum with business needs and interactive field trips that expose students to careers that operate largely behind the scenes. These strategies are designed to meet the near-term challenge of filling open positions and building a pipeline of talent for applied STEM careers that do not necessarily require a four-year college degree.
“At a time of record-high unemployment, there are jobseekers who have the aptitude and desire to work in aviation but aren’t aware of these careers or how to access them,” Mr. Storch said. “Employers have to demonstrate leadership by getting young people excited about the industry, partnering with schools and providing on-the-job training opportunities to close the skills gaps if we are to remain globally competitive.”
AAR was selected by Mayor Rahm Emanuel’s Office as aviation industry partner for a new education to careers engagement strategy between the City Colleges of Chicago and private business to prepare residents for jobs in high-growth sectors.
Last fall, AAR commissioned the special report, The Mid Skills Gap in Middle America: Building Today’s Workforce, which used the Company as an example of a midsize firm actively implementing solutions to compete for qualified workers and grow the talent pool.
About AAR
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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AAR named one of America’s Most Responsible Companies 2025 by Newsweek
Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, is proud to announce it has been recognized by Newsweek as one of America’s Most Responsible Companies 2025. This prestigious award is presented in collaboration with Statista, the world-leading statistics portal and industry ranking provider. The awards list was announced earlier this month and can currently be viewed on Newsweek’s website.
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AAR announces divestiture of non-core Landing Gear Overhaul business to optimize portfolio
Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today that it has entered into a definitive agreement to divest its Landing Gear Overhaul business to GA Telesis. The transaction is valued at $51 million and is expected to close in the first quarter of the 2025 calendar year, subject to customary and regulatory closing conditions. The divestiture will be immediately accretive to margins and earnings.
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AAR resolves Foreign Corrupt Practices Act investigations with the DOJ and SEC
Wood Dale, Illinois — AAR CORP. (NYSE: AIR) (“AAR” or the “Company”) announced today that it has reached resolutions with the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) to resolve previously disclosed potential violations of the U.S. Foreign Corrupt Practices Act (the “FCPA”) relating to certain transactions signed in 2016 and 2017 in Nepal and South Africa.
