AAR CORP. (NYSE: AIR) board of directors has authorized the repurchase of up to $250 million of the company´s common stock, the company said.
David P. Storch, Chairman and Chief Executive Officer of the Company, said, “We have repurchased 6,264,000 shares for approximately USD 187 million since our last Board authorization of USD 250 million in March 2015. This new authorization replenishes our program, increasing our remaining authority of $63 million back up to $250 million.”
The company´s stock may be repurchased in the open market or in privately negotiated transactions. The repurchased stock will be held as treasury shares and may be reissued for various corporate purposes. There is no expiration date on the stock repurchase authorization.
AAR is a global aftermarket solutions company that employs more than 4,500 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR´s Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; and component repair. AAR´s Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions.