Wood Dale, Illinois, July 17, 2023 (GLOBE NEWSWIRE) -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today it has signed an agreement with United Airlines to extend its existing airframe MRO services relationship through 2030 and expand its heavy maintenance commitments.
Under this agreement, AAR has committed to growing its dedicated airframe narrow body capacity to provide United Airlines a minimum of 10 lines of maintenance support across AAR's Miami, Florida, and Rockford, Illinois, MRO facilities.
To support the additional lines of maintenance, AAR will add a new three-bay hangar adjacent to its existing nine-bay facility at Miami International Airport, pending approval by the Miami-Dade County Board of County Commissioners. Miami-Dade County is expected to reimburse the construction costs of the hangar.
United's increased maintenance commitment is projected to create more than 250 AAR careers in the Miami and Rockford communities and grow revenue for Miami International Airport. AAR looks to leverage its well-established approach to workforce development to enhance its efforts to build a best-in-class workforce by hiring a diverse, highly-skilled team to support the additional workload.
"United and AAR have enjoyed a long, successful relationship based on AAR's reputation for safety, quality, and reliability," said Mike Arata, Managing Director of Base Maintenance for United Airlines. "Expanding our relationship with AAR is an important step in building out our internal and external long-term heavy maintenance footprint to meet the demand for our growing fleet."
"We are very excited to extend and expand our heavy maintenance support of United Airlines. This new agreement drives an increase in our MRO footprint, which we expect will create hundreds of career opportunities that will benefit the aviation industry and the Miami and Rockford communities," said Chris Jessup, Chief Commercial Officer for AAR.
For more information on AAR, visit aarcorp.com.
About AAR
AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR's Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair, and Overhaul (MRO) Services. AAR's Expeditionary Services include Mobility Systems operations. Additional information can be found at 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 which reflect management's expectations about future conditions, including the expansion of the Miami facility and the Company's workforce. Forward-looking statements may also be identified because they contain words such as "anticipate,'' "believe,'' "continue,'' "could,'' "estimate,'' "expect,'' "intend,'' "likely,'' "may,'' "might,'' "plan,'' "potential,'' "predict,'' "project,'' "seek,'' "should,'' "target,'' "will,'' "would,'' or similar expressions and the negatives of those terms. 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. For a discussion of these and other risks and uncertainties, refer to "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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. |
