FTAI Aviation and AAR Announce a joint sustainability initiative helping clients cut carbon emissions
September 29 2021 - 4:15PM
Fortress Transportation and Infrastructure Investors LLC (NYSE:
FTAI) and AAR CORP. (NYSE: AIR) announce a joint initiative
associated with their CFM56-5B and -7B partnership to help
customers achieve industry-wide sustainability goals aimed at
reducing CO2 emissions in international aviation.
Every year, jet engine maintenance results in a
significant monetary and environmental cost for the industry. FTAI
and AAR’s new initiative highlights the environmental benefits of
recycling serviceable engine material and affords customers a path
to reduce their overall carbon footprint.
FTAI and AAR will together contribute a
percentage of all used serviceable material (USM) sales from the
CFM56-5B and -7B partnership to purchase verified carbon offsets
and grant them to the purchasing customers. The contributed offsets
will meet international standards, namely the ‘Carbon Offsetting
and Reduction Scheme for International Aviation’ (CORSIA).
“The new initiative with AAR reflects our
commitment to a sustainable future for the aviation industry. We
know there is a positive environmental impact from recycling engine
material, and we want our customers to experience the benefit of
that impact. One of our goals is to remain at the forefront of
sustainable solutions in the aftermarket,” said Joe Adams, FTAI
Chairman and Chief Executive Officer.
“We are proud to announce that AAR and FTAI
teamed up to provide CFM56-5B and -7B customers with carbon offsets
for all USM purchases through this partnership,” said John Holmes,
AAR President and Chief Executive Officer. “We are committed to
helping our customers reduce their carbon footprint and USM is a
low-cost, green alternative to purchasing new parts. The goal of
our initiative is to help operators address the opportunity for
commercial aviation to make a positive impact on climate
change.”
For more information on our initiative, download
AAR’s supplemental report at:
www.aarcorp.com/aar_ftai_greenUSM
And visit our FTAI Aviation Sustainability
website.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure and
equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
About AAR
AAR is a global aerospace and defense
aftermarket solutions company with operations in over 20 countries.
Headquartered in the Chicago area, AAR supports commercial and
government customers through two operating segments: Aviation
Services and Expeditionary Services. AAR’s Aviation Services
include Parts Supply; OEM Solutions; Integrated Solutions; and
Maintenance, Repair and Overhaul (MRO) Services. AAR’s
Expeditionary Services include Mobility Systems operations.
Additional information can be found at www.aarcorp.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the impact of the joint
initiative with AAR and the ability of FTAI and AAR to successfully
implement the joint initiative. Forward-looking statements are not
statements of historical fact but instead are based on our present
beliefs and assumptions and on information currently available to
FTAI. You can identify these forward-looking statements by the use
of forward-looking words such as "outlook," "believes," "expects,"
"potential," "continues," "may," "will," "should," "could,"
"seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates," "target," "projects," "contemplates" or
the negative version of those words or other comparable words. Any
forward-looking statements contained in this press release are
based upon FTAI’s historical performance and on FTAI’s current
plans, estimates and expectations in light of information currently
available to FTAI. The inclusion of this forward-looking
information should not be regarded as a representation by FTAI,
that the future plans, estimates or expectations contemplated by
FTAI will be achieved. Such forward-looking statements are subject
to various risks and uncertainties and assumptions relating to our
operations, financial results, financial condition, business,
prospects, growth strategy and liquidity. Accordingly, there are or
will be important factors that could cause FTAI’s actual results to
differ materially from those indicated in these statements,
including, but not limited to, the risk factors set forth in Item
1A. "Risk Factors" of the FTAI’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 and Quarterly Reports
on Form 10-Q for the fiscal quarters ended March 31,
2021 and June 30, 2021, as updated by annual, quarterly
and other reports FTAI files with the SEC.
For further information, please
contact:
Alan Andreini Investor Relations Fortress
Transportation and Infrastructure Investors LLC (212) 798-6128
aandreini@fortress.com
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