AAR Corp.

Last updated

AAR Corp.
Company type Public
Industry Aviation
Founded1951;74 years ago (1951)
FounderIra Allen Eichner
Headquarters
Wood Dale, Illinois
,
United States
Area served
Worldwide
Key people
John Holmes (president & CEO)
RevenueIncrease2.svg US$1.99 billion (2023)
Increase2.svgUS$90.2 million (2023)
Total assets Increase2.svgUS$1.1 billion (2023)
Total equity Increase2.svgUS$1.1 billion (2023)
Number of employees
6,000 (2025)
Website aarcorp.com
Footnotes /references
Financials as of May 31,2023.
References: [1]

AAR Corp. is an American provider of aircraft maintenance services to commercial and government customers worldwide. The company is headquartered in Wood Dale, Illinois, a Chicago suburb. The company employs about 6,000 people, operating in about 30 different countries. John Holmes is the current CEO. [2]

Contents

During the Trump administration, AAR quadrupled its lobbying expenditures. [3] The company spent large sums at Trump-owned properties with the intent to get Trump to view the company more favorably. [3] From the time Trump took office until October 2020, AAR obtained 10 new federal contracts worth a total of $1.35 billion. [3] In December 2024, AAR paid a $55 million settlement in relation to an investigation by the U.S. Justice Department and SEC over schemes to bribe Nepalese and South African officials. [4]

AAR sells both new and used parts and is one of the largest in the world for selling used parts. AAR has about $2.5 billion in revenue as of 2024. As of May 2023, the company operates major maintenance facilities in Indianapolis, Miami, Oklahoma City, Rockford, Illinois, Trois Rivieres, Quebec and Windsor, Ontario. [1]

History

The company was founded by Ira Allen Eichner in 1951, to supply radios and other equipment to the commercial aviation industry. [5] I.A. Allen Industrial was incorporated in 1955, renamed Allen Aircraft Radio (AAR) in 1962, and became AAR CORP. in 1970. [5] Also, in 1969, AAR began its aircraft maintenance business in Oklahoma City. In 1965, AAR expanded to Europe and opened a Singapore office in 1982. [6]

AAR organized its Aircraft Turbine Center, Inc. in 1979 after future CEO David P. Storch, Eichner's son-in-law, joined the company. [5]

David P. Storch was CEO from 1996 to 2018. In 2018, John M. Holmes became CEO. [7]

Lobbying

During the Trump administration, AAR quadrupled its lobbying expenditures. [3] The company spent large sums at Trump-owned properties with the intent to get Trump to view the company more favorably. [3] From the time Trump took office until October 2020, AAR obtained 10 new federal contracts worth a total of $1.35 billion. [3]

AAR CORP trainees at the Miami airport Mro female cohort.jpg
AAR CORP trainees at the Miami airport

In December 2024, AAR agreed to resolve U.S. charges in connection with schemes to bribe Nepalese and South African officials. AAR agreed to pay more than $55 million to resolve investigations done by the Justice Department and SEC. [4]

Annual financial highlights (U.S. Dollars in millions except per share data):

For the year ending May 3120232022202120202019201820172016
Operating performance
Net sales1,990.51,820.01,652.32,072.02,057.81,748.31,590.81,525.4
Operating income133.9106.985.241.398.386.082.375.5
Diluted earnings per share from continuing operations2.552.191.310.712.402.111.511.30
Financial position
Working capital746.4600.21,055.6595.5609.4553.4540.3
Total assets1,097.91,007.21,539.72,079.01,517.21,524.71,504.11,456.0
Total debt382.5191.2135.2602.0142.9178.9156.2145.3
Stockholders' equity1,099.11,034.5974.4902.6905.9914.2865.8865.8
Sources [1] [1] [8] [8] [8] [8] [8] [8]

See also

References

  1. 1 2 3 4 "2023 Form 10-K". U.S. Securities and Exchange Commission . July 18, 2023. Retrieved February 14, 2024.
  2. ↑ "Mad Money – 4/19/24 | Audio Only". April 19, 2024 – via YouTube.
  3. 1 2 3 4 5 6 Confessore, Nicholas; Yourish, Karen; Eder, Steve; Protess, Ben; Haberman, Maggie; Ashford, Grace; LaForgia, Michael; Vogel, Kenneth P.; Rothfeld, Michael (October 10, 2020). "The Swamp That Trump Built". The New York Times. ISSN   0362-4331 . Retrieved October 10, 2020.
  4. 1 2 "Aerospace firm AAR settles US charges over bribing foreign officials". December 20, 2024.
  5. 1 2 3 "AAR Corp. History". Funding Universe. January 17, 2018. Archived from the original on January 17, 2018. Retrieved April 29, 2022.
  6. ↑ "History Of AAR – 60th Anniversary". Aviation Week Network. Retrieved March 24, 2021.
  7. ↑ AAR. "AAR CEO David P. Storch Announces Plans to Retire". www.prnewswire.com (Press release). Retrieved December 24, 2021.
  8. 1 2 3 4 5 6 "Financial Reports". AAR CORP. Retrieved March 30, 2022.

41°59′15″N87°58′55″W / 41.987373°N 87.981812°W / 41.987373; -87.981812

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