AAR Launches Government Contracting Joint Venture

WOOD DALE, Ill. (AP) — Aerospace industry supplier AAR Corp. said Monday it launched a government contracting team with several outside partners to sell its products to the U.S. and other governments.

The new team, AAR Global Solutions LLC, will be led by Steve Cannon, former chief executive of security contractor DynCorp International Inc., AAR said. The contracting team will also include partners from Johnson Global Services LLC and Zaccanelli Investment Partners.

"AAR Global Solutions will open new government and defense markets to AAR as well as strengthen our ability to compete for global government services programs as a prime contractor," AAR Chairman and Chief Executive David P. Storch said.

Shares of AAR closed Friday at $16.34. The stock is down 11 percent for the year.