October 02, 2014
AAR Naval Replenishment Contract Extended
Military Sealift Command Exercises Option Year with Airlift Group
WOOD DALE, Illinois – AAR (NYSE: AIR) announces the Military Sealift Command (MSC) has exercised a one-year renewal option for its Airlift division to perform vertical replenishment (VERTREP) services for U.S. Naval vessels in the Western Pacific and Indian Oceans.
The one-year renewal is valued at approximately $15 million. The contract was awarded to AAR in 2011, for an estimated total value of $77 million. AAR has delivered VERTREP services to MSC since 2007.
Under the agreement, AAR will support the 5th and 7th Fleets by providing ship-to-shore replenishment, deep offshore underway replenishment, search and rescue (SAR), passenger transport, and other airlift support as required. The contract includes the use of four helicopters, personnel, and operational and technical support services.
“AAR is proud to be the premier commercial provider of deep offshore replenishment services,” said Randy J. Martinez, President and CEO, AAR Airlift Group. “We have an excellent record of safety, reliability and responsiveness to the dynamic needs of this mission, which ensures U.S. forces have the critical supplies they need at sea.”
Military Sealift Command is the leading provider of ocean transportation for the Navy and the U.S. Department of Defense, operating approximately 110 ships daily around the globe.
AAR Airlift provides expeditionary airlift services in support of contingency operations worldwide. The Company provides passenger and cargo transport, aeromedical services, night vision operations, SAR and other special mission services. AAR Airlift’s fleet of fixed-wing and rotary-wing aircraft serves the U.S. Department of Defense in Afghanistan, Africa, and the Western Pacific and Indian Oceans.
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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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.
