AAR signs extension and expansion of V2500 engine component distribution agreement with Sumitomo Precision Products
AAR signs extension and expansion of V2500 engine component distribution agreement with Sumitomo Precision Products
PR Newswire
WOOD DALE, Ill., April 11, 2024
WOOD DALE, Ill., April 11, 2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has signed an extension and expansion of its V2500 engine component distribution agreement with Sumitomo Precision Products Co., Ltd. (SPP).
Under the agreement, AAR has extended its exclusive agreement to distribute the V2500 pneumatic starter and starter control valve on behalf of SPP for the life of the program. The contract also expands AAR's exclusive distributorship with the addition of all V2500 starter/valve subcomponents.
"AAR is proud to expand and extend our support of Sumitomo Precision Products on this critical engine component," said Paige Immordino, AAR's Vice President of Distribution – Commercial. "We continuously explore opportunities to simplify the supply chain for our customers. By expanding this agreement to include global piece part support, we can serve as a designated source for their V2500 pneumatic starter and starter control valve needs."
"This relationship enables us to better serve V2500 operators and repair facilities through compressed lead times, 24/7 AOG support, and global stocking locations," said Kenro Itakura, Executive Vice President, GM of Aerospace Division. "AAR has been a valued partner to Sumitomo Precision Products since 2017, and we are pleased to extend our distribution relationship through this agreement."
For more information on AAR's distribution capabilities, visit https://www.aarcorp.com/en/products/distribution/.
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.
About Sumitomo Precision Products
Sumitomo Precision Products Co., Ltd., (Hyogo Japan) is a 100% subsidiary of Sumitomo Corporation that specializes in the design and manufacture of aerospace equipment, heat exchangers, hydraulic controls, MEMS sensors, micro-electronics technology, and environmental systems. The company has been engaged in the design and manufacture of aerospace equipment for more than half a century and is an experienced supplier of traditional propellers, landing gears, pneumatic equipment and heat exchangers over the world.
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, reflecting management's expectations about future conditions, including anticipated activities and benefits under the extended and expanded distribution agreement. Forward-looking statements 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. 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 our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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. |
Contact:
Media Team
Corporate Marketing and Communications
+1-630-227-5100
Editor@aarcorp.com
SOURCE AAR CORP.
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