AAR announces $150 million stock buyback

WOOD DALE - AAR Corp. said its board of directors authorized the renewal of its stock repurchase program for up to $150 million of the company's common shares.

Repurchases will occur from time to time in open market purchases or privately negotiated transactions at the discretion of management, said AAR, a global aerospace and defense aftermarket solutions company with operations in over 20 countries. It supports commercial and government customers, primarily in the aviation maintenance industry.

"Our priorities for capital allocation are organic investment in our business, the inorganic acquisition of synergistic capability, and the return of capital to shareholders," said John M. Holmes, president and chief executive officer of AAR. "The strength of our balance sheet allows us to deploy capital in all three areas, and this authorization is part of our plan for driving long-term shareholder value."

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 said.