WOOD DALE, Illinois, March 31, 2020 (GLOBE NEWSWIRE) -- AAR (AIR) - Get Report, a leading aviation services provider to commercial airlines and governments worldwide, and Sumitomo Corporation, a top Japanese trading company, are launching a joint venture ― AAR Sumisho Aviation Services. This Chicago-area-based joint venture will distribute aircraft parts and offer aviation logistics management solutions to the Japanese defense market. Additionally, the partnership will distribute parts from OEMs based in Japan to the global aviation aftermarket.
This business initiative builds upon the parties' successful, long-standing relationship, under which AAR has served as a stocking distributor for OEM factory-new parts to Japanese defense customers via Sumitomo Corporation since 2012.
"We look forward to partnering with AAR to serve our Japanese customers and make our services more accessible to customers around the world," said Eiji Ishida, Sumitomo Corporation Executive Officer and GM of the Lease, Ship & Aerospace Business Division.
By combining AAR's global network and competitive expertise in aviation supply chain and parts distribution with Sumitomo's logistics specialization and large footprint in the Japanese market, AAR Sumisho Aviation Services will be equipped to provide quality services to our Japanese defense customers, as well as play a key role in the export of parts from Japanese OEMs.
"This new venture with Sumitomo presents a tremendous opportunity to further expand our market reach and capabilities in Japan, a highly strategic market for us," said John Holmes, AAR President and CEO. "Both of our companies have a proven track record within the international defense industry, and we look forward to joining forces to become a leading aircraft parts distributor and provider of services to the Japanese defense market and global aviation aftermarket."
We expect to form the joint venture following receipt of regulatory clearances.
For more information on AAR Parts Supply and Integrated Solutions, visit aarcorp.com.
About AARAAR is a global aerospace and defense aftermarket solutions company that employs more than 6,000 people 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 and Composite Manufacturing operations. Additional information can be found at www.aarcorp.com.
About Sumitomo Corporation Sumitomo Corporation ("SC") is a leading Fortune 500 global trading and business investment company with 110 locations in 66 countries and 22 locations in Japan. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC's core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.
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, including our continued long-standing relationship, ability to combine our expertise and to expand our market reach and capabilities in Japan. 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, 2019 and the Company's Form 10-Q for the fiscal quarter ended February 29, 2020. 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.
Daniela PietschAAR Corpeditor@aarcorp.com