AAR to Acquire Avborne Heavy Maintenance, Inc.
WOOD DALE, Ill., Feb. 26 -- AAR (NYSE:AIR) today announced that it has signed an agreement to acquire Avborne Heavy Maintenance, Inc. (Avborne) and a related entity from AHM Holding, Corp.
Avborne is an independent provider of aircraft heavy maintenance checks, modifications, installations and painting services to commercial airlines, international cargo carriers and major aircraft leasing companies. Founded in 1985, Avborne performs heavy maintenance on both Airbus and Boeing aircraft at its 226,000 square-foot hangar, located at Miami International Airport. The Avborne facility is capable of accommodating up to three wide-body aircraft or nine narrow-body aircraft, simultaneously.
The Company expects the acquisition will be completed during the fourth quarter of its fiscal year 2008, subject to customary closing conditions. The newly acquired business will operate as part of AAR's Maintenance, Repair and Overhaul (MRO) segment.
AAR currently operates MRO facilities in Indianapolis, Indiana, Oklahoma City, Oklahoma and Hot Springs, Arkansas and was ranked among the top 10 MROs in the world according to a 2007 study conducted by Aviation Week's Overhaul and Maintenance magazine.
AAR is a leading provider of products and value-added services to the worldwide aviation and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve airline and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found at www.aarcorp.com.
FCMN Contact: derek.sheedy@aarcorp.com
Source: AAR
CONTACT:
Richard J. Poulton
Vice President
Chief Financial Officer
+1-630-227-2075
rpoulton@aarcorp.com
Web site: www.aarcorp.com/
