AAR and FTAI Aviation Strengthen Strategic Partnership Until 2030
AAR Aviation Services Extended Collaboration with FTAI
AAR CORP. (NYSE: AIR) has officially extended its exclusive Serviceable Engine Products agreement with FTAI Aviation Ltd. (Nasdaq: FTAI) to provide essential CFM56 used serviceable material (USM) across the aviation aftermarket until 2030. This agreement solidifies their commitment to enhancing support and services within the global aviation sector.
Enhancing Global Aviation Maintenance Solutions
The agreement enables AAR to expand the inventory of USM available to the aviation industry with significant support from FTAI's operations at the Module Factory™, which specializes in the maintenance and refurbishment of CFM56 engines. AAR is set to manage teardown, repair, marketing, and sales operations for spare parts from a growing pool of over 450 CFM56 engines.
Impressive Growth Since 2020
Since their initial partnership began in 2020, AAR has broadened its Component Services capabilities by acquiring five additional global component repair facilities. This strategic move allows AAR to thus bolster its ability to support the maintenance of an even larger array of engine components, which is vital for the success of this collaborative effort.
Leadership Insights on the Partnership
John M. Holmes, AAR's Chairman, President and CEO, expressed pride in the exclusive service provider role with FTAI, noting the ever-growing demand for the CFM56 engine platform. He emphasized the importance of their partnership in maintaining the industry's needs for aftermarket services. Holmes highlighted AAR's strong reputation in engine USM offerings and its proficient sales team as significant factors that will enhance their collaboration with FTAI.
CEO of FTAI on the Extended Relationship
Joe Adams, the Chairman and CEO of FTAI Aviation, shared his enthusiasm for the continuance of their strong relationship with AAR. Adams underscored that this agreement extension will bring substantial value to the CFM56 aftermarket, by enabling cost-effective and efficient solutions for airlines globally.
AAR's Comprehensive Engine Solutions
For further details about AAR's innovative engine solutions, interested parties can visit AAR's website. The company is committed to supporting its customers with advanced technology and effective solutions tailored for the aviation market.
About AAR CORP.
AAR is a global leader in aerospace and defense aftermarket solutions, operating in over 20 countries. Based in the Chicago area, AAR provides expert services to both commercial and government clients through four main operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be located on their website.
About FTAI Aviation
FTAI is dedicated to the ownership and maintenance of commercial jet engines, emphasizing CFM56 and V2500 engines. Leveraging innovative products and operational efficiencies, FTAI helps to offer substantial savings and adaptability for airlines, lessors, and various customers involved in maintenance and operations.
Frequently Asked Questions
What is the main focus of the agreement between AAR and FTAI?
The agreement centers around the collaboration in providing CFM56 used serviceable material (USM) for the global aviation aftermarket through 2030.
How does this partnership support the aviation industry?
The partnership enhances the availability of critical engine components, facilitating efficient maintenance solutions while supporting the growing demand in the aviation sector.
What changes has AAR made since the initial agreement in 2020?
AAR has expanded its Component Services by acquiring additional global component repair facilities, increasing its capacity to support various engine maintenance services.
Who are the key executives involved in this partnership?
John M. Holmes, the CEO of AAR, and Joe Adams, the CEO of FTAI Aviation, are both instrumental in this strategic partnership.
Where can more information about AAR's services be found?
Detailed information surrounding AAR's engine solutions and services is available on their official website, where they provide comprehensive insights into their capabilities and offerings.
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