WOOD DALE, Ill., June 16, 2011 /PRNewswire/ -- AAR (NYSE: AIR) announced today that it has been selected to provide a rotable component support program for Finnair's fleet of Boeing 757 aircraft. The three-year agreement with Finnair Technical Services Ltd. encompasses materials and repair management for a complete inventory of 757 components that will be housed at Finnair Technical Services' facilities at Helsinki Airport.
"We have developed a unique program that will leverage AAR's extensive component repair capabilities with the complementary in-house repair capabilities of Finnair Technical Services," said John Holmes, Division President of AAR Allen Asset Management. "Through this custom-tailored solution, we can ensure the most efficient and cost-effective solution for the operation of Finnair's 757 fleet."
The program provides Finnair with competitive and predictable costs for the repair and provisioning of its 757 inventory while ensuring continuing high levels of service reliability. The program covers more than 250 rotable components for Finnair's fleet of four 757 aircraft.
AAR is a leading provider of value-added products and services to the worldwide aerospace and government/defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and government/defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Government and Defense Services. More information can be found at www.aarcorp.com.
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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, 2010 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 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.