Wood Dale, Sept. 29, 2023 (GLOBE NEWSWIRE) — AAR (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs and OEMs, and Fortress Transportation and Infrastructure Investors (NYSE: FTAI) announced a joint initiative associated with their CFM56-5B and -7B partnership to help customers achieve industry-wide sustainability goals aimed at reducing CO2 emissions in international aviation.
Every year, jet engine maintenance results in a significant monetary and environmental cost for the industry. FTAI and AAR’s new initiative highlights the environmental benefits of recycling serviceable material and affords customers a path to reduce their overall carbon footprint.
AAR and FTAI will together contribute a percentage of all used serviceable material (USM) sales from the CFM56-5B and -7B partnership to purchase verified carbon offsets and grant them to the purchasing customers. The donated offsets will meet international standards, namely the ‘Carbon Offsetting and Reduction Scheme for International Aviation’ (CORSIA).
“We are proud to announce that AAR and FTAI teamed up to provide CFM56-5B and -7B customers with carbon offsets for all USM purchases through this partnership,” said John Holmes, AAR President and Chief Executive Officer. “We are committed to helping our customers reduce their carbon footprint and USM is a low-cost, green alternative to purchasing new parts. The goal of our initiative is to help operators address the opportunity for commercial aviation to make a positive impact on climate change.”
“The new initiative with AAR reflects our commitment to a sustainable future for the aviation industry. We know there is a positive environmental impact from recycling engine material, and we want our customers to experience the benefit of that impact. One of our goals is to remain at the forefront of sustainable solutions in the aftermarket,” said Joe Adams, FTAI Chairman and Chief Executive Officer.
For more information on AAR´s Parts Supply business, please visit aarcorp.com/parts-supply-/.
Follow this link to access further information about the joint initiative www.aarcorp.com/aar_ftai_greenUSM.
To download a copy of AAR´s ESG report, please visit the Company´s ESG webpage and here you can find more about FTAI´s Sustainability initiatives.
# # #
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 two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair and Overhaul (MRO) Services. AAR’s Expeditionary Services include Mobility Systems operations. Additional information can be found at www.aarcorp.com.
About Fortress Transportation and Infrastructure Investors LLC
Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
FTAI media contact:
Alan Andreini, +1 (212) 798-6128, [email protected]
| 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 which reflect management’s expectations about future conditions, including, but not limited to, statements regarding the joint initiative between AAR and FTAI,and that the donated carbon offsets will meet CORSIA standards, 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. |
