AAR, Cebu Pacific sign CFM56-5B surplus material agreement

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Mar 20, 2024, 06:45 ET

WOOD DALE, Ill., March 20, 2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has signed a multi-year agreement to supply surplus material for the CFM56-5B engine to Cebu Pacific.

Under this agreement, AAR will support the 30 CFM56-5B scheduled shop visits Cebu Pacific has planned for the term of the contract.

"Cebu Pacific is proud to partner with AAR to enhance availability of parts and maximize value through the use of surplus material," said Shevantha Weerasekera, Cebu Pacific's Vice President for Engineering and Fleet Management.

"AAR is pleased to grow our relationship with Cebu Pacific through this multi-year agreement," said Sal Marino, AAR's Senior Vice President of Parts Supply. "Leveraging available OEM-approved surplus materials through our strategic FTAI Aviation partnership on the CFM56 engine platform will enable Cebu Pacific to realize significant cost savings during shop visits."

For more information on AAR's engine solutions, visit https://www.aarcorp.com/en/products/engine-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 Cebu Pacific
Cebu Pacific (CEB), the Philippines' leading airline, entered the aviation industry on March 8, 1996 and pioneered the "low fare, great value" strategy. It has flown over 200 million passengers since inception. CEB offers the widest domestic network in the Philippines with 35 domestic destinations. It also currently operates flights to 25 international destinations, spanning across Asia, Australia, and the Middle East.

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, reflecting management's expectations about future conditions, including anticipated activities and benefits under the new parts supply agreement. 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.

Contact:
Media Team
Corporate Marketing and Communications
+1-630-227-5100
[email protected]

SOURCE AAR CORP.