AAR and Sumitomo Corporation announce joint venture to provide aviation aftermarket supply chain solutions to Japanese defens...
March 31 2020 - 5:10PM
AAR (NYSE: AIR), a leading aviation services provider to commercial
airlines and governments worldwide, and Sumitomo Corporation, a top
Japanese trading company, are launching a joint venture ― AAR
Sumisho Aviation Services. This Chicago-area-based joint venture
will distribute aircraft parts and offer aviation logistics
management solutions to the Japanese defense market. Additionally,
the partnership will distribute parts from OEMs based in Japan to
the global aviation aftermarket.
This business initiative builds upon the parties’ successful,
long-standing relationship, under which AAR has served as a
stocking distributor for OEM factory-new parts to Japanese defense
customers via Sumitomo Corporation since 2012.
“We look forward to partnering with AAR to serve our Japanese
customers and make our services more accessible to customers around
the world,” said Eiji Ishida, Sumitomo Corporation Executive
Officer and GM of the Lease, Ship & Aerospace Business
Division.
By combining AAR’s global network and competitive expertise in
aviation supply chain and parts distribution with Sumitomo’s
logistics specialization and large footprint in the Japanese
market, AAR Sumisho Aviation Services will be equipped to provide
quality services to our Japanese defense customers, as well as play
a key role in the export of parts from Japanese OEMs.
“This new venture with Sumitomo presents a tremendous
opportunity to further expand our market reach and capabilities in
Japan, a highly strategic market for us,” said John Holmes, AAR
President and CEO. “Both of our companies have a proven track
record within the international defense industry, and we look
forward to joining forces to become a leading aircraft parts
distributor and provider of services to the Japanese defense market
and global aviation aftermarket.”
We expect to form the joint venture following receipt of
regulatory clearances.
For more information on AAR Parts Supply and Integrated
Solutions, visit aarcorp.com.
# #
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; 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.
About Sumitomo Corporation Sumitomo Corporation (“SC”) is
a leading Fortune 500 global trading and business investment
company with 110 locations in 66 countries and 22 locations in
Japan. The entire SC Group consists of more than 900 companies. SC
conducts commodity transactions in all industries utilizing
worldwide networks, provides related customers with various
financing, serves as an organizer and a coordinator for various
projects, and invests in companies to promote greater growth
potential. SC’s core business areas include Metal Products,
Transportation and Construction Systems, Infrastructure, Media and
Digital, Living Related and Real Estate, Mineral Resources, Energy,
and Chemical and Electronics.
#
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,
including our continued long-standing relationship, ability to
combine our expertise and to expand our market reach and
capabilities in Japan. 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 and the Company’s Form 10-Q for
the fiscal quarter ended February 29, 2020. 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.
Daniela Pietsch
AAR Corp
editor@aarcorp.com
AAR (NYSE:AIR)
Historical Stock Chart
From Aug 2024 to Sep 2024
AAR (NYSE:AIR)
Historical Stock Chart
From Sep 2023 to Sep 2024