WOOD DALE, Ill., June 7, 2017 /PRNewswire/ -- AAR (NYSE: AIR) has expanded its global footprint by signing a multi-year component support agreement with Viva Colombia and Viva Air Peru. AAR will be providing pool support to affiliate airlines within the Viva LatinAmerica group including VivaColombia, Colombia's first low-cost carrier, and the newly established low-cost carrier Viva Air in Peru. AAR will make inventory available from its facilities in Miami and Chicago, as well as positioning stock in Bogota, Medellin and Lima.
"Our individualized cost-per-flight-hour programs are providing real-time support for our growing clientele all over the world," said Deepak Sharma, President, International Supply Chain, AAR. "We are excited to add South American airlines to our portfolio of more than 1,300 aircraft under contract."
"We are proud to allow millions of Latin Americans to take their first airline flight or travel by air more frequently," said William Shaw, founder and CEO of VivaColombia and Viva Air Peru. "We are excited to begin working with AAR to help continue to provide affordable air travel in the region."
"This contract is the latest example of how AAR's flight-hour support programs are a perfect fit for fast-growing airlines in emerging markets, in addition to established carriers in major markets," said John Holmes, President and Chief Operating Officer, AAR. "We use our capital, buying power and experience in component support on behalf of our partners, so they can focus on cost-effective operations and expansion."
VivaColombia and Air Peru are part of the Irelandia Aviation group, the world's premier low-cost airline developer, led by Declan Ryan, one of the founders of Ryanair. Irelandia has successfully developed 6 LCCs around the world, namely Ryanair, Allegiant, Tigerair, Viva Aerobus, VivaColombia and Viva Air Peru, which combined have a fleet of over 420 aircraft and have carried more than 1 billion passengers to date.
AAR is a global aftermarket solutions company that employs more than 5,000 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; 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.
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