WOOD DALE, Illinois, June 11, 2013 – Aerospace leader AAR CORP. (NYSE: AIR) has earned a spot on Crain’s Fast 50 list of Chicago’s fastest-growing companies for the third consecutive year.
Based on revenues, AAR is the third-largest company on the list and one of the most established, incorporated in 1955. It clinched a spot on Crain’s list alongside younger, smaller companies that Crain’s describes collectively as “hard-wired for growth.” To qualify, companies must have had 2012 revenue of at least $20 million and no more than one year of declining revenue between 2007 and 2011.
Dealing in aircraft parts, logistics and maintenance, AAR had $2.06 billion in revenue in fiscal year 2013, growing 95 percent in the past five years. Based in Wood Dale, AAR employs 427 people locally and more than 6,000 worldwide, across 17 countries.
Crain’s attributes AAR’s recent growth to airlines and governments outsourcing aircraft repair work. But the Company’s longevity speaks to a nimble culture with a track record of anticipating and evolving as markets change.
“A half-decade of acquisitions and defense spending buildups boosted AAR's sales,” Crain’s reported, “but this year the aviation company is looking to a different strategy for growth: bundling its services to find and serve more customers.”
This month AAR will announce key organizational changes and promotions as the Company positions its two operating segments, Aviation Services and Technology Products, for the next phase of growth in the U.S. and abroad.
"We've recently streamlined our segments so that our services are going to market under one umbrella," AAR CEO David Storch told Crain’s.
AAR maintains a diverse portfolio of services and products, a balanced approach that contributes to AAR’s financial strength and ability to serve customers.
Crain's began seeking applications for the Fast 50 list in January, while scouring its lists of public and private companies for likely candidates. Eligibility required headquarters in the six-county area of Cook, DuPage, Kane, Lake, McHenry or Will.
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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.