WOOD DALE, Ill., July 11, 2017 /PRNewswire/ -- AAR CORP. (NYSE: AIR) today announced that its Board of Directors authorized the repurchase of up to $250 million of the Company's common stock.
David P. Storch, Chairman and Chief Executive Officer of the Company, commented: "We have repurchased 6,264,000 shares for approximately $187 million since our last Board authorization of $250 million in March 2015. This new authorization replenishes our program, increasing our remaining authority of $63 million back up to $250 million."
Mr. Storch continued, "The timing and the number of shares that we repurchase will depend on various factors, including price, general business and market conditions, and competing uses for our cash."
The Company's stock may be repurchased in the open market or in privately negotiated transactions. The repurchased stock will be held as treasury shares and may be reissued for various corporate purposes. There is no expiration date on the stock repurchase authorization.
AAR is a global aftermarket solutions company that employs more than 4,500 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; 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.
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, 2016. 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.