WOOD DALE, Ill., Dec. 16, 2013 /PRNewswire/ -- AAR CORP. (NYSE: AIR) announced today that its 100% owned subsidiary, Telair International GmbH, has completed the acquisition of cargo loading system assets of Speyer, Germany based PFW Aerospace GmbH, which the company announced on December 2, 2013. The acquisition will enhance Telair's market position as one of the leading suppliers globally of cargo loading and baggage handling systems. The acquired assets include the cargo loading system business for the Airbus A320 family of aircraft and aftermarket spares for additional legacy PFW cargo loading systems produced for other Airbus platforms. Upon completion of a transition period after closing, Telair will transfer the assets to, and perform operations at, its Miesbach, Germany facility. The acquisition was funded from available cash on hand.
Telair, based in Miesbach, Germany, is a leader in the design, manufacture and support of cargo loading systems for wide-body and narrow-body aircraft with established positions on the world's most popular current and next-generation passenger and freighter models. Telair provides standard container-based systems for Airbus A330/340 aircraft types, Boeing 747-8 I and F, as well as the future Airbus A350 XWB. In addition, the business manufactures systems and components for the Boeing 737 and Airbus A320 families of aircraft, Boeing 767-300 and 747-400 Boeing Converted Freighters, and the Boeing 747 Dreamlifter.
AAR is a global aerospace and defense contractor that employs more than 6,000 people in 17 countries. Based in Wood Dale, Illinois, AAR supports commercial, government and defense customers through two operating segments: Aviation Services and Technology Products. AAR's services include inventory management and parts distribution; aircraft maintenance, repair and overhaul; and expeditionary airlift. AAR's products include cargo systems and containers; mobility systems and shelters; advanced aerostructures; and command and control systems. More information can be found at www.aarcorp.com.
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. 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, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's Form 10-K for the fiscal year ended May 31, 2013. 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. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.