Historical Stock Chart
6 Months : From Oct 2019 to Apr 2020
BERKSHIRE, England, Oct. 22, 2019 /PRNewswire/ -- AAR (NYSE: AIR) subsidiary Airinmar, the top global independent provider of component repair cycle management and aircraft warranty solutions, signed a three-year agreement with JetBlue to provide component Value Engineering cost oversight services for the airline's Airbus and Embraer fleets.
The agreement covers the provision of Airinmar's unique Value Engineering knowledge and expertise, along with in-house support systems across a wide range of JetBlue's aircraft components. Under the scope of the services, Airinmar will assess repair costs to assure compliance with JetBlue's contracted pricing terms, under either component flight-hour or fixed-pricing terms, as well as the cost evaluation of time and material quoted repairs.
"Our partnership with Airinmar marks another significant step in JetBlue's ongoing commitment to continuous improvement and maintenance cost reduction initiatives," said Bill Cade, JetBlue VP of Technical Operations. "Since the program started, we've already seen cost savings from Airinmar's Value Engineering support and look forward to continued benefits."
"We are thrilled to expand our Value Engineering Services to one of the most innovative airlines in the U.S.," said Peter O'Dea, Airinmar Head of Sales and Business Development. "By working as a valued partner alongside JetBlue's in-house engineering and maintenance team, we are fully committed to developing our services to support the airline's drive to further reduce its maintenance costs."
For more information on Airinmar's industry-leading component repair services and solutions, click here.
Airinmar has supported airlines, MROs, OEMs, helicopter operators and military programs for more than 30 years through the delivery of its tailored component repair and warranty management support services, which deliver reduced repair expenditure, improved component availability and enhance operational efficiencies. Airinmar is a subsidiary of global aviation aftermarket leader AAR (NYSE: AIR).
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; 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.
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 42 million customers a year to 100+ cities in the U.S., Caribbean, and Latin America with an average of more than 1,000 daily flights. For more information, please visit jetblue.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, 2019. 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/airinmar-secures-value-engineering-contract-with-jetblue-delivering-cost-savings-in-the-component-repair-cycle-300942413.html