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Weekly UpdatesAAR CORP has announced the formation of a joint venture to expand the Company's participation in the government and defense services markets. The new business, AAR Global Solutions, LLC, combines the capabilities of AAR with the experience of a seasoned government contracting team, led by Steve Cannon, former Chief Executive Officer of DynCorp International, and other strategic partners including Johnson Global Services, LLC, an affiliate of Magic Johnson Enterprises, and Zaccanelli Investment Partners (ZIP).
"We set out, together with Zaccanelli Investment Partners, to create a unique enterprise dedicated to providing high-quality, value-added solutions in support of the US and other governments' defense/ logistics and nation building initiatives," said David P. Storch, Chairman and Chief Executive Officer of AAR CORP "We created an organization with an inclusive and diverse base of ownership, leadership, and workforce that has a distinctive blend of skills and perspectives that will enhance the new venture's value proposition. I am very pleased to announce the successful launch of AAR Global Solutions and look forward to a bright future with tremendous growth."
Storch continued, "The parties are committed to providing high-quality solutions to our US Government and international customers by bringing discipline and solid business practices to meet the unique needs and stringent requirements of this customer base. Our partners contribute an international presence and reputation to our efforts as we build this new company. AAR Global Solutions will open new government and defense markets to AAR as well as strengthen our ability to compete for global government services programs as a prime contractor," Storch concluded.
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Aircraft Sales and Leasing. More information can be found at www.aarcorp.com.
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