WOOD DALE, Ill., July 11, 2017 /PRNewswire/ -- AAR CORP.
(NYSE: AIR) today announced that its Board of Directors authorized
the repurchase of up to $250 million
of the Company's common stock.
David P. Storch, Chairman and
Chief Executive Officer of the Company, commented: "We have
repurchased 6,264,000 shares for approximately $187 million since our last Board authorization
of $250 million in March 2015.
This new authorization replenishes our program, increasing our
remaining authority of $63 million
back up to $250 million."
Mr. Storch continued, "The timing and the number of shares that
we repurchase will depend on various factors, including price,
general business and market conditions, and competing uses for our
cash."
The Company's stock may be repurchased in the open market or in
privately negotiated transactions. The repurchased stock will
be held as treasury shares and may be reissued for various
corporate purposes. There is no expiration date on the stock
repurchase authorization.
About AAR
AAR is a global aftermarket solutions company that employs more
than 4,500 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial
aviation and government customers 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.
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, 2016. 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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SOURCE AAR CORP.