WOOD DALE, Ill., March 5 /PRNewswire-FirstCall/ -- AAR (NYSE: AIR)
announced today that it has completed the acquisition of Avborne Heavy
Maintenance, Inc. (Avborne), an independent provider of aircraft heavy
maintenance checks, modifications and painting services located in Miami,
Florida. The newly acquired business will operate as part of the Company's
Maintenance, Repair and Overhaul (MRO) segment as AAR Aircraft
Services -- Miami.
The acquisition significantly increases the Company's MRO capacity,
workforce and capabilities. The move adds 226,000 square feet of modern hangar
space at Miami International Airport and 467 aviation maintenance technicians
(AMTs), increasing AAR's hangar space by 22 percent and bringing the total
number of AMTs at AAR to more than 2,000 worldwide.
"We're very impressed with the strong management team, skilled workforce
and the high levels of customer satisfaction that they've achieved at
Avborne," said David P. Storch, Chairman and Chief Executive Officer of AAR
CORP. "The acquisition expands our capacity and capabilities at a time when
airlines are seeking ways to operate more efficiently, lower their operating
expenses and combat the rising cost of fuel."
AAR achieved a 26% compound annual growth rate in its MRO segment over the
past three years and was ranked among the top 10 MROs in the world according
to a 2007 study conducted by Aviation Week's Overhaul and Maintenance
magazine.
AAR is a leading provider of products and value-added services to the
worldwide aviation and defense industry. With facilities and sales locations
around the world, AAR uses its close-to-the-customer business model to serve
airline and defense customers through four operating segments: Aviation Supply
Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft
Sales and Leasing. More information can be found at http://www.aarcorp.com.
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 May 31, 2007 Form 10-K. 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 publicly release the result of any revisions that may
be made to 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.
SOURCE AAR
bourse
