WOOD DALE, Ill., Sept. 19, 2017 /PRNewswire/ -- Global aviation services leader AAR (NYSE: AIR) announced today that it has agreed to acquire two of Premier Aviation's aircraft maintenance, repair and overhaul (MRO) facilities – one at Trois-Rivières Airport in Québec and one at Windsor International Airport in Ontario.
"We are excited to add an experienced workforce and two world-class facilities to our award-winning MRO network, and we look forward to growing our position in, and bringing more flexibility and value to, the Canadian market," said John Holmes, President & Chief Operating Officer, AAR. "The culture of continuous improvement and execution excellence at these facilities is consistent with AAR's commitment to the highest levels of service."
Premier Aviation established the MRO facility in Trois-Rivières in 2002 and expanded it to 150,000 square feet in 2011. The facility can accommodate up to seven narrow-body aircraft. Premier began operating in Windsor in 2012 in a new 143,000 square-foot hangar with full back shop capability and capacity for six narrow-body aircraft. The facilities have made significant investments in tooling over the past few years and currently employ over 300 well-trained aviation mechanics and personnel who will retain their positions based on expected workload.
"We are honored that a company with the reputation, breadth and depth of AAR has recognized the quality of our MRO facilities, and we are pleased that the customers and employees of these facilities will continue to be well-supported," said Ronnie DiBartolo, President of Premier Aviation. "This transaction also allows Premier to focus its resources on future areas for growth at our other two MRO facilities."
Holmes added, "This Canadian presence will be complementary to our U.S. MRO operations and workforce."
The Canadian MROs will join AAR's award-winning network that also includes airframe maintenance facilities in Indianapolis, Indiana; Miami, Florida; Oklahoma City, Oklahoma; Duluth, Minnesota; and Rockford, Illinois, as well as component repair facilities in New York and Amsterdam; and landing gear services in Miami. Across these sites, AAR provides industry leading maintenance, repair and overhaul for regional, narrow-body and wide-body aircraft operators. AAR was ranked as the largest MRO services provider in the Americas and third in the world, before this acquisition.
AAR is a global aftermarket solutions company that employs more than 5,000 people in over 20 countries. Based in Wood Dale, Illinois, AAR provides aviation services to commercial and government customers in over 100 countries 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.
Premier Aviation is a highly recognized Canadian-owned aircraft Maintenance, Repair and Overhaul (MRO) and aircraft painting company serving the North American industry, with facilities in Québec, Québec, Canada; and Rome, New York, United States. Since its inception in 2002, the company has been delivering high-quality aviation maintenance services to a steadily growing number of airlines and aircraft lessors. More information can be found at www.premieraviation.ca.
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, 2017. 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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