PARIS, France, June 18, 2013 — AAR CORP. (NYSE: AIR) announced today from the Paris Air Show that it has signed a letter of intent outlining a tentative two-phase project to establish a technical maintenance center for commercial aircraft in Ulyanovsk, Russia. The project, as initially defined, includes an aircraft parts distribution and logistics center, scheduled to open in mid-2014, followed by a commercial aircraft maintenance facility, scheduled to open in 2015.
“Our long-term growth strategy continues to address what is clearly a global opportunity for value-added aviation services,” said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. “With this agreement, AAR will extend its superior value proposition into this rapidly growing, yet significantly underserved market in Russia and eastern Europe. We believe we are in an excellent position to leverage our expertise to establish a world-class facility with a comprehensive service offering to support a wide range of customers throughout the region. We are confident that with the assistance of strong, capable partners and the continued support of the Russian government, we can bring this project to fruition.”
Konstantin Koloskov, principal at Tur Partners LLC, a Chicago-based advisor specializing in infrastructure development within Russia, commented, “We are very pleased to work with AAR on the exploration of this important project. The Russian aviation marketplace, the excellent support of the leadership in Russia, and AAR’s industry leading position make a powerful combination that we expect will lead to a successful launch and strengthen Ulyanovsk’s position as an aviation center of excellence.”
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 and a link to AAR’s 50th International Paris Air Show press kit can be found at www.aarcorp.com.
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AAR has been invited to participate in an Aviation Day event today in Lake Charles, Louisiana, near the Chennault International Airport, the site of a planned new aircraft maintenance facility...