- Also completed financings to fund the Acquisition, consisting
of $550 million notes offering and an
amendment to AAR's existing revolving credit facility, upsizing the
facility from $620 million to
$825 million
WOOD
DALE, Ill., March 1,
2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR) ("AAR" or
the "Company"), a leading provider of aviation services to
commercial and government operators, MROs, and OEMs, today
announced that it has completed its acquisition of Triumph Group's
(NYSE: TGI) Product Support business. Triumph Group's Product
Support business is a leading global provider of specialized
maintenance, repair, and overhaul capabilities for critical
aircraft components in the commercial and defense markets.
AAR previously announced on December 21,
2023, that it had entered into a definitive agreement to
acquire Triumph Group's Product Support business for an aggregate
purchase price of $725 million in
cash, subject to customary adjustments. The transaction was
financed with proceeds from AAR's previously announced $550 million notes offering and borrowings under
its amended revolving credit facility.
"The completion of this acquisition scales AAR's repair
capabilities, expands our footprint in the APAC region, and
enhances our ability to serve our global customers," said
John M. Holmes, AAR's Chairman,
President and CEO. "We're excited to welcome more than 700 team
members from the Product Support business who bring expertise in
key areas to the AAR team."
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.
Forward-looking Statements
This press release contains
certain statements relating to future business opportunities and
conditions, as well as anticipated benefits of the proposed
acquisition by the Company of Triumph Group's Product Support
business (the "Acquisition"). Such statements are forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995 and reflect management's expectations
about future conditions. Forward-looking statements often address
our expected future operating and financial performance and
financial condition, or sustainability targets, goals, commitments
and other business plans, and often 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. Factors that may cause actual results to differ
materially from current expectations include, among others, risks
associated with the Company's ability to successfully integrate the
acquired business; the Company's ability to realize the anticipated
benefits and synergies of the Acquisition as rapidly or to the
extent anticipated; the effect of the Acquisition on the Company's
operating results and business generally; the amount of costs, fees
and expenses related to the Acquisition; and other factors that
could affect the Company's business. 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 the
Company's most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, as well as the Company's other
subsequent filings with the Securities and Exchange Commission.
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
and the anticipated benefits of the Acquisition may not be
realized. These events and uncertainties are difficult or
impossible to predict accurately and many are beyond the Company's
control. The Company cautions readers not to place undue reliance
upon any such forward-looking statements, which speak only as of
the date made. 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, except as required by law.
Contact:
Dylan Wolin
Vice President, Strategic & Corporate Development and
Treasurer
+1-630-227-2017
dylan.wolin@aarcorp.com
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SOURCE AAR CORP.