WOOD DALE, Ill., June 7, 2017 /PRNewswire/ -- AAR (NYSE: AIR)
has expanded its global footprint by signing a multi-year component
support agreement with Viva Colombia and Viva Air Peru. AAR will be
providing pool support to affiliate airlines within the Viva
LatinAmerica group including VivaColombia, Colombia's first low-cost carrier, and the
newly established low-cost carrier Viva Air in Peru. AAR will make inventory available from
its facilities in Miami and
Chicago, as well as positioning
stock in Bogota, Medellin and Lima.
"Our individualized cost-per-flight-hour programs are providing
real-time support for our growing clientele all over the world,"
said Deepak Sharma, President,
International Supply Chain, AAR. "We are excited to add South
American airlines to our portfolio of more than 1,300 aircraft
under contract."
"We are proud to allow millions of Latin Americans to take their
first airline flight or travel by air more frequently," said
William Shaw, founder and CEO of
VivaColombia and Viva Air Peru. "We are excited to begin working
with AAR to help continue to provide affordable air travel in the
region."
"This contract is the latest example of how AAR's flight-hour
support programs are a perfect fit for fast-growing airlines in
emerging markets, in addition to established carriers in major
markets," said John Holmes,
President and Chief Operating Officer, AAR. "We use our capital,
buying power and experience in component support on behalf of our
partners, so they can focus on cost-effective operations and
expansion."
VivaColombia and Air Peru are part of the Irelandia Aviation
group, the world's premier low-cost airline developer, led by
Declan Ryan, one of the founders of
Ryanair. Irelandia has successfully developed 6 LCCs around the
world, namely Ryanair, Allegiant, Tigerair, Viva Aerobus,
VivaColombia and Viva Air Peru, which combined have a fleet of over
420 aircraft and have carried more than 1 billion passengers to
date.
About AAR
AAR is a global aftermarket solutions company that employs more
than 5,000 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