Benzinga | Sep 20, 2021 11:15AM EDT

AAR Bags $41M Contract From National Nuclear Security Administration

* AAR Corp. (NYSE:AIR) has secured a $41 million firm, fixed-price contract from the Department of Energy's (DOE) National Nuclear Security Administration (NNSA) for the conversion and delivery of a B737-700 aircraft modified into a "FlexCombi" configuration.

* The NNSA will increase its fleet size to support mission-critical activities to maintain the safety, security, and effectiveness of the United States' nuclear deterrent capacity.

* The FlexCombi configuration gives the NNSA the ability to quickly configure the aircraft between passenger and/or cargo modes, serving ever-evolving mission requirements.

* The company expects to commence the work immediately and complete it within twelve months.

* Price Action: AIR shares are trading lower by 1.69% at $31.405 on the last check Monday.