WOOD DALE, Ill., March 17 /PRNewswire-FirstCall/ -- AAR (NYSE: AIR)
announced today that it has been awarded a five-year contract by the U.S. Army
for the repair and overhaul of a key control component on the CH-47 (Chinook)
helicopter, valued at $25 million. The work will be performed by AAR Aircraft
Component Services -- New York and is scheduled to begin in March 2008.
"AAR is very proud to support the U.S. Army and the CH-47 Chinook
Helicopter program," said Timothy J. Romenesko, AAR's President and Chief
Operating Officer. "The technical skill of our workforce and quality of work
at our Garden City, New York facility will contribute to the efficiency of the
Chinook program while playing an important role in the maintenance and
sustainability of the CH-47 platform."
This is the second helicopter component repair & overhaul services
contract awarded to AAR Aircraft Component Services -- New York by the U.S.
Army in the last six months. In September 2007, the US Army awarded AAR a
five-year contract to provide repair and overhaul services for helicopter
engine components.
AAR has played a key role in supporting the CH-47 for more than 25 years.
Through a powerful combination of its parts supply, component repair, cargo
systems and other manufacturing businesses, AAR is increasing its capabilities
in support of a wider range of rotorcraft manufacturing, modernization and
sustainment programs.
The CH-47 Chinook is a twin engine, tandem rotor helicopter used to
transport ground forces, supplies, ammunition and other battle-critical cargo
in support of worldwide defense, contingency and humanitarian relief
operations.
AAR Aircraft Component Services, an operating division of AAR, is a
leading global supplier of aircraft component repair & overhaul services for
commercial, regional and military aircraft with locations in New York and
Amsterdam.
AAR is a leading provider of products and value-added services to the
worldwide aerospace and defense industry. With facilities and sales locations
around the world, AAR uses its close-to-the-customer business model to serve
aviation 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
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