Wood Dale, Illinois, Aug. 29, 2023 (GLOBE NEWSWIRE) -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has signed two multi-year commercial agreements with Moog Inc. (NYSE: MOG.A and MOG.B). The agreements are the first steps in a new strategic relationship that allows for potential future expansion of the scope of services provided.
Under the first agreement, AAR will distribute Moog products applicable to mature aircraft platforms to customers globally. This new OEM relationship complements AAR's existing product offerings and customer base. Additionally, Moog will benefit from AAR's value added services, which include a close-to-the-customer model that provides efficient delivery of inventory to the end customer, enabling Moog's effort for further simplification.
The second agreement will enable AAR and Moog to perform reciprocal component repair services. AAR's component repair facilities will receive support from Moog on manufactured piece parts and repair capability while Moog will receive components from AAR.
"We are delighted to sign this reciprocal agreement with AAR for aftermarket repairs and distribution. We look forward to continuing to develop our relationship with AAR and build upon these agreements for the benefit of both parties," says Lisa Domanowski-de Jong, General Manager, Moog's Commercial Aftermarket business.
"The AAR-Moog agreements demonstrate a commitment to providing additional value to customers through improved product availability and outstanding customer service," says Frank Landrio, AAR's SVP of Distribution. "AAR looks forward to growing our relationship with Moog by successfully executing on these contracts for the benefit of our collective customers."
For more information on AAR's commercial solutions, visit https://www.aarcorp.com/en/services/commercial-solutions/.
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 Moog Inc.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision motion and fluid controls and controls and systems. Moog's high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.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 which reflect management's expectations about future conditions, including expected benefits under the commercial agreements. 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. |
