WOOD DALE, Ill., Nov. 17, 2016 /PRNewswire/ -- AAR (NYSE: AIR), a
global leader in the aviation aftermarket, has entered into a
long-term contract with Air New Zealand to provide nose-to-tail,
cost-per-flight-hour rotable inventory support covering 740 parts
and 15 of the airline's B777 aircraft. Under reciprocal terms of
the agreement, Air New Zealand will become AAR's exclusive
component repair provider for selected parts in the Asia-Pacific region and preferred supplier for
selected parts worldwide.
This significant contract establishes a component inventory and
repair partnership for AAR in the growing Asia-Pacific region with an AAA-rated carrier.
It also marks AAR's first PBH agreement solely focused on the B777
aircraft, the flagship carrier and international workhorse
connecting New Zealand to the rest
of the world.
"This partnership complements AAR's in-house component repair
facilities in the U.S. and Europe
and extends our reach in the fast-growing Australasia region," said
Deepak Sharma, President, AAR
International Supply Chain. "We're proud to team up with an
industry-leading long-distance carrier like Air New Zealand to help
them create efficiencies with an integrated supply chain solution
for their B777 fleet. This is the beginning of a win-win
partnership that we hope will extend to other projects in the
region and beyond."
Air New Zealand Chief
Operations Officer Bruce Parton says
the deal follows extensive market evaluation and is significant for
the airline's Components business. "We are looking forward to
working with a fast-growing partner in AAR that will help to drive
a high volume of work and further the commercial success of Air New
Zealand's components business."
About AAR
AAR is a global aftermarket solutions
company that employs more than 4,500 people in over 20 countries.
Based in Wood Dale, Illinois, AAR
supports commercial aviation and government customers through two
operating segments: Aviation Services and Expeditionary Services.
AAR's Aviation Services include inventory management; parts supply;
OEM parts distribution; aircraft maintenance, repair and overhaul;
and component repair. AAR's Expeditionary Services include airlift
operations; mobility systems; and command and control centers in
support of military and humanitarian missions. More information can
be found at www.aarcorp.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, 2016. 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.
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SOURCE AAR