Berkshire, England, Nov. 16, 2023 (GLOBE NEWSWIRE) -- AAR (NYSE: AIR) subsidiary Airinmar, a leading independent provider of component repair cycle management and aircraft warranty solutions, signed a new multi-year services agreement with Turkish-based low-cost carrier Pegasus.
Airinmar will provide Pegasus with warranty support services, including the identification, claim, and recovery of the multiple airframe and component warranty entitlements provided by Airbus and its suppliers. The services provided by Airinmar will complement Pegasus’ current procurement activities by focusing on maximising the recovery of Pegasus’ warranty entitlements and reducing the overall cost of aircraft maintenance.
“Airinmar’s knowledge of aircraft warranty and ability to maximise credit recovery will support effective management of our maintenance spend,” said Serife Akin, Procurement Director for Pegasus. “This relationship will also enable us to continuously extract value from our product support agreements and effectively manage repair costs as we continue to expand our fleet.”
“We are enthusiastic about this opportunity to bring value through our well-proven warranty management services and contribute to the overall success of Pegasus,” said Matt Davies, General Manager of Airinmar. “With more than 100 aircraft currently in operation and an additional 76 A321NEO aircraft on order, we take pride in playing a role in Pegasus' ongoing growth.”
For more information on Airinmar’s industry-leading solutions, visit https://www.airinmar.com/.
About Airinmar
Airinmar has supported airlines, MROs, OEMs, helicopter operators, and military programs for more than 35 years through the delivery of its tailored component repair and warranty management support services, which deliver reduced repair expenditure, improved component availability, and enhanced operational efficiencies. Airinmar is a subsidiary of global aviation aftermarket leader AAR (NYSE: AIR). Additional information can be found at https://www.airinmar.com/.
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 Pegasus
Incorporated in 1990, Pegasus was acquired by ESAS Holding in 2005 and adopted the low-cost business model. As Türkiye’s leading low-cost airline, Pegasus believes that everyone has the right to fly and offers its guests the opportunity to travel with good-value fares and young aircraft through its low-cost model. In 2018, Pegasus adopted the motto Your Digital Airline and carries its guests to 130 destinations in 49 countries, 37 in Türkiye and 93 on its international network. Pegasus operates connecting flights between Türkiye and Europe, North Africa, the Middle East and Central Asia via Istanbul Sabiha Gökçen. Pegasus offers digital technologies and unique innovations that enhances the guest experience and makes comprehensive efforts for a cleaner, more equal and harmonious future together, with the mission of Moving Towards a More Sustainable Future. For further information on why sustainability is important to Pegasus and its activities in this area, please see the Pegasus Sustainability Hub: www.flypgs.com/en/sustainability
| 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 expected activities and benefits under the services 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. |
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