Wood Dale, Illinois, July 19, 2023 (GLOBE NEWSWIRE) -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has received approval from the Miami-Dade County Board of County Commissioners to proceed with the construction of a 114,000 square foot facility adjacent to the Company’s existing hangar at Miami International Airport, as announced earlier this week.
AAR plans to break ground on the new facility in Q2 of its FY2024 and complete construction within 24 months. Over time, Miami-Dade County is expected to reimburse the anticipated $50 million cost to construct the hangar. This will increase capacity at AAR’s Miami Airframe MRO by 33%.
This project supports AAR’s earlier announced extension and expansion of its United Airlines MRO relationship, with AAR contracted to provide a minimum of 10 lines of maintenance support across its Miami, Florida, and Rockford, Illinois, facilities. The additional workload will create more than 250 AAR careers in Miami.
“AAR’s expansion at Miami International Airport supports our highly connected community’s continued growth,” says Rodrick T. Miller, President & CEO, Miami-Dade Beacon Council. “Miami is a global hub with thriving aviation and trade and logistics sectors, which makes MRO and other support services a vital component of this ecosystem. The Beacon Council is working closely with AAR not only to continue to expand their footprint successfully in Miami-Dade, but to develop our local aviation mechanic workforce. We enthusiastically welcome the hundreds of local jobs and investment they are bringing to our community.”
“As a leader in international passengers and cargo, Miami International Airport is one of the busiest and best mega airports in the country - and AAR’s significant infrastructure investment only advances our local aviation industry,” said Miami-Dade County Mayor Daniella Levine Cava. “This expansion will strengthen the robust training and repair programs AAR is known for and bring more than 250 new jobs to Miami-Dade County.”
“We are very excited about expanding our partnership with United and grateful for the support we are receiving from the Miami community,” said John M. Holmes, AAR’s Chairman, President and CEO. “These opportunities are possible thanks to the support of the Mayor, the Beacon Council, Miami International Airport, our customers, and our incredible team of employees.”
For more information on AAR, visit aarcorp.com.
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 four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at 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 which reflect management’s expectations about future conditions. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. 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. For a discussion of these and other risks and uncertainties, refer to “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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. |
