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December 7, 2007 |
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AAR CORP: Completes Acquisition of Summa Technology AAR Corp has completed the acquisition of Summa Technology, Inc., a provider of high-end sub-systems and precision machining, fabrication, welding and engineering services. The acquisition of Summa builds upon AAR's wide range of capabilities and extends the company's portfolio of manufactured products and engineering services. "We are excited about this strategic combination, which further strengthens AAR's competitive position in the market for aerospace and defense products and services," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP. "Summa joins us with a solid management team, excellent long- term customer relationships and diverse manufacturing capabilities that are well-aligned to growth opportunities in our markets." Summa participates in a variety of high-priority aerospace and defense programs which include munitions supply, military and business jets, tactical missile platforms, military vehicles and space launch vehicles. Many of these programs, such as Joint Strike Fighter, Expeditionary Fighting Vehicle and ARES Launch Vehicle are very long-term programs. Summa provides a growth platform for AAR's complex machining and heavy fabrication business and will operate as a part of the Company's Structures and Systems segment. The business will continue to be led by its current Chief Operating Officer, Stephen Werner. About AAR Corp. AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/ -- provides products and value-added services to the worldwide aviation/aerospace industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve airline and defense customers through Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. In Asia Pacific, the company has offices in Singapore, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR Corp.'s corporate credit rating from 'BB-' to 'BB'. The outlook is stable. The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded AAR's corporate family rating and senior notes to Ba3 from B1, in response to improving financial performance resulting from the strong commercial and defense aviation supply and repair environment. The ratings outlook is stable. |
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