AAR, Tawazun Economic Council and Global Aerospace Logistics sign joint repair management deal at Paris Air Show

Date : 06/20/2019 @ 4:19PM
Source : PR Newswire (US)
Stock : AAR Corp (AIR)
Quote : 40.32  0.0 (0.00%) @ 1:00AM
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AAR, Tawazun Economic Council and Global Aerospace Logistics sign joint repair management deal at Paris Air Show

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WOOD DALE, Ill., June 20, 2019 /PRNewswire/ -- AAR (NYSE: AIR), a leading provider of aviation services to commercial airlines and governments worldwide, announced a new contract with Tawazun Economic Council, a defense and security industry enabler in the United Arab Emirates, and Global Aerospace Logistics (GAL), an Abu Dhabi-based professional aerospace and defense services company, to provide component repair management and consulting services for UAE military fleets.

Pictured Left to Right: Khalid Omar Al Breiki, GAL Chief Executive Officer; H.E. Tareq Abdulraheem Al Hosani, Tawazun Economic Council Chief Executive Officer; Matar Ali Al Romaithi, Tawazun Economic Council Chief Economic Development Officer; Rahul Shah, AAR SVP, Strategic Growth and Business Development, APAC, Middle East and Africa; and Nicholas Gross, AAR SVP, Government Programs.

Signed on June 18 at Paris Air Show, AAR will begin the two-year repair management contract providing complete repair loop services and supply management for GAL clients in the United Arab Emirates. AAR support will include UH-60 Black Hawk, CH-47 Chinook, Twin Otter and C-208 Caravan platforms.

"We are embarking on the next phase in development and growth for GAL and endeavor to strengthen our industry relationships. GAL is pleased to announce this strategic partnership with AAR to enhance service delivery to our customers in the UAE and support our regional growth initiatives," said Khalid Al Breiki, GAL Chief Executive Officer. "We are excited to leverage AAR's global supply chain and logistics support expertise, which will make us more agile as we scale our own capability. We see this as the beginning of a larger strategic partnership with AAR."

"We are committed to enabling the sector by building industrial and human capabilities, creating new opportunities and allowing the transfer of know-how," says Matar Al Romaithi, Tawazun Economic Council Chief Economic Development Officer. "This endeavor is a result of the new policy that will allow us to further support our goals in promoting long-term partnerships to enhance the aerospace and defense capabilities of the UAE as well within the region."

AAR will perform the services for GAL in Abu Dhabi, as well as at AAR headquarters in Wood Dale, Illinois.

AAR has the experience and expertise needed to provide meaningful knowledge transfer and capability development to GAL," said John Holmes, AAR President and Chief Executive Officer. "We look forward to expanding our partnership with GAL as they seek to become a premier maintenance and integrated logistics support provider in the region."

For more information on AAR Component Repair, please click here, and for more information about GAL, please visit www.gal.ae.

About AAR

AAR 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; maintenance, repair, overhaul; and engineering. AAR's Expeditionary Services include mobility systems and composite manufacturing operations. Additional information can be found at www.aarcorp.com.

About Tawazun Economic Council

Tawazun Economic Council (Tawazun) is a key enabler of the UAE Defence and Security industry, with a focus on economic development.. Founded in 1992, to date Tawazun has enabled the creation of more than 90 companies and investment vehicles within eleven sectors.

Tawazun contributes to the development of a sustainable Defence and Security industry by driving economic value, technology & innovation, ecosystem growth, and capabilities development.  Tawazun works with industry players through its two main drivers, Tawazun Economic Program and the Defense and Security Development Fund. Additionally, Tawazun seeks to create job opportunities for Emirati citizens and to develop human potential.

About GAL

Global Aerospace Logistics LLC (GAL) is an Abu Dhabi based professional aerospace and defense services company. GAL delivers aviation maintenance, repair, overhaul, supply chain and specialized support services in the UAE and the region. GAL endeavors to develop strategic relationships with OEM's and aviation industry partners to deliver comprehensive maintenance, logistics and engineering solutions to its local and regional customers.

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, 2018. 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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