May 23, 2016
AAR Flight Operations Contract in Afghanistan Extended
AAR Airlift Group to Continue Rotary Wing Services
WOOD DALE, Illinois – AAR (NYSE: AIR) announces United States Transportation Command (USTRANSCOM) has issued its Airlift Group subsidiary an extension on an existing contract for rotary wing services in Afghanistan.
The extension, which is valid for up to nine months of service, is currently funded for a period of six months at a total value of $33.5 million. Under the contract, which was first awarded in September 2010, Airlift Group provides maintenance, logistics, and flight operations for four rotary wing aircraft conducting passenger and cargo movements in support of U.S. Central Command forces.
“AAR Airlift Group has been operating successfully in this region for over 10 years. We are pleased to have earned the Defense Department’s confidence and honored to continue our support of America’s service men and women,” said Steven B. Harrison, President of AAR Airlift Group.
Airlift Group provides expeditionary airlift services in support of contingency operations worldwide. The Company provides passenger and cargo transport, air ambulance, night vision operations, search and rescue (SAR), airdrop, and other special mission services. AAR Airlift Group includes Rotorcraft Services, a provider of engineering and design for rotorcraft modifications and completions, asset sales, component repair, life cycle support programs, and field maintenance. AAR Airlift’s fleet of fixed-wing and rotary-wing aircraft serves defense and NGO customers in Afghanistan, Africa, the Mediterranean, Indian Ocean and Western Pacific, and now the Falkland Islands. Since 2005, AAR Airlift Group has flown more than 242,000 hours, delivering over 302 million pounds of mail and cargo, and transporting more than 1.9 million passengers in remote and austere locations around the globe.
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.
Contact
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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 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.
