WOOD DALE, Ill., March 20, 2014 /PRNewswire/ -- AAR (NYSE: AIR) announces it is acquiring inventory and customer contracts from Sabena technics Brussels and expects the transaction to close in the first week of April. The agreement includes ongoing power-by-the-hour support for 13 customers, which AAR's Aviation Supply Chain division will handle from its new facility at the Brussels Airport. In addition to supporting the customers that will transition from Sabena technics, this 24/7 facility will support AOG and other parts requirements for existing AAR customers in Europe, the Middle East and Africa.
"As AAR expands its global Aviation Supply Chain business, we recognize the importance of augmenting our support for the critical Europe, Middle East and Africa region," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. "This deal positions AAR for growth in an expanding market."
In recent years, the U.S.-based commercial aviation and defense contractor has increased its global supply chain infrastructure that now includes operations in Chicago, Singapore, Indianapolis, Toronto, Amsterdam and Brussels.
"We were pleased to find a long-term solution for our customers who will benefit from AAR's robust supply chain offering," said Rodolphe Marchais, Chairman and CEO of Sabena technics.
"The launch of our new supply chain hub establishes a rotable pool operation covering key platforms such as A330, A320, and 737NG aircraft for current and future customers," said John Holmes, Group Vice President of Supply Chain for AAR.
AAR is a global aerospace and defense contractor that employs more than 6,000 people in 17 countries. Based in Wood Dale, Illinois, AAR supports commercial, government and defense customers through two operating segments: Aviation Services and Technology Products. AAR's services include inventory management and parts distribution; aircraft maintenance, repair and overhaul; and expeditionary airlift. AAR's products include cargo systems and containers; mobility systems and shelters; advanced aerostructures; and command and control systems. More information can be found at www.aarcorp.com.
About Sabena technics
Founded in 1968, Sabena technics is a leading independent Maintenance Repair and Overhaul (MRO) provider. The group employs more than 3,000 persons in 18 sites worldwide, including Bordeaux, Brussels, Dinard, Marseille, Miami, Monastir, Nimes and Papeete. Its services are organized into six product lines: Airframe services, VIP completion, component services, integrated services, military services and training services.
More information can be found at www.sabenatechnics.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, 2013. 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.
SOURCE AAR Corp.