AAR Corp. (NYSE: AIR) reports it has agreed to acquire two of Premier Aviation's aircraft maintenance, repair and overhaul (MRO) facilities – one at Trois-Rivières Airport in Québec and one at Windsor International Airport in Ontario.
A release out Tuesday quotes CEO John Holmes as saying, "We are excited to add an experienced workforce and two world-class facilities to our award-winning MRO network, and we look forward to growing our position in, and bringing more flexibility and value to, the Canadian market.
"The culture of continuous improvement and execution excellence at these facilities is consistent with AAR's commitment to the highest levels of service."
The Canadian MROs will join AAR's award-winning network that also includes airframe maintenance facilities in Indianapolis, Indiana; Miami, Florida; Oklahoma City, Oklahoma; Duluth, Minnesota; and Rockford, Illinois, as well as component repair facilities in New York and Amsterdam; and landing gear services in Miami.
Premier is a highly recognized Canadian-owned aircraft MRO and aircraft painting company serving the North American industry, with facilities in Québec, City; and Rome, New York. Premier established the MRO facility in Trois-Rivières in 2002 and expanded it to 150,000 square feet in 2011. Premier began operating in Windsor in 2012 in a new 143,000 square-foot hangar with full back shop capability and capacity for six narrow-body aircraft.
AIR is also expected to post quarterly earnings after the closing bell. Expectations are for $0.30 per share on revenue of $412.05 million after the closing bell.
Shares in AIR gained 63 cents, or 1.7%, to $37.18, by noon ET on Tuesday.