WOOD DALE, Ill., Oct. 18, 2012 /PRNewswire/ -- AAR (NYSE: AIR) announced today that it has signed a Letter of Intent (LOI) with Air Canada to provide airframe maintenance services for the airline's Airbus A320 series aircraft.
The LOI calls for AAR to perform regularly scheduled airframe maintenance and modifications that will enable Air Canada to efficiently maintain its approximately 89 Airbus narrow-body aircraft. AAR and Air Canada are working together to finalize the terms of a five-year agreement for the work to continue through September 2017.
The work is commencing at the Company's aircraft maintenance facility in Miami and is planned to be transitioned to the Company's new AAR Maintenance, Repair and Overhaul facility in Duluth, Minnesota over the next year.
"Air Canada is a flagship carrier in North America with a reputation for excellence and providing a superior flight experience for its passengers," said Dany Kleiman, Aviation Services Group Vice President – Repair and Engineering. "Our team is excited about contributing to Air Canada's efficient operations and the LOI is an important step forward as we prepare to provide multiple services that will enable the airline to operate its fleet safely while maintaining their high levels of passenger service."AAR was recently named the Best Aircraft Maintenance, Repair and Overhaul (MRO) Provider in the Americas, the #5 MRO in the world and Aircraft Parts Supplier of the Year in independent surveys of airline executives and industry professionals. AAR provides MRO services from facilities in Indianapolis, Miami, Oklahoma City and Hot Springs, Arkansas and is in the process of standing up a new MRO facility in Duluth, Minnesota. AAR offers turnkey aircraft support solutions as part of its " 1MRO" approach. The Company leverages its diverse maintenance, engineering and technical capabilities to offer airlines customized, integrated services that lower costs, increase asset availability and ensure high levels of quality, safety and service. About Air CanadaAir Canada is Canada's largest domestic and international airline serving more than 175 destinations on five continents. Canada's flagship carrier is the 15th largest commercial airline in the world and in 2011 served more than 33 million customers. Air Canada provides scheduled passenger service directly to 59 Canadian cities, 56 destinations in the United States and 63 cities in Europe, the Middle East, Asia, Australia, the Caribbean, Mexico and South America. Air Canada is a founding member of Star Alliance, the world's most comprehensive air transportation network serving 1,356 destinations in 193 countries. About AARAAR is a leading provider of value-added products and services to the worldwide aerospace and government and defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and government/defense customers through two operating segments: Aviation Services and Technology Products. 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, 2012. 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. SOURCE AAR
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