Benzinga | Dec 16, 2021 02:48PM EST

AAR Secures $365M Contract To Support USAFE F-16 Aircraft

* AAR Corp. (NYSE:AIR) has secured a ten-year $365 million, firm-fixed-price, IDIQ contract from the Air Force Life Cycle Management Center to support U.S. Air Forces in Europe (USAFE) F-16 aircraft.

* AAR will provide aircraft depot-level maintenance and repair primarily for F-16 aircraft allocated to USAFE and support possible overflow requirements for all USAF F-16 aircraft.

* Work under the contract includes F-16 avionics and structural depot-level maintenance and modifications, Service Life Extension Program (SLEP) modifications, drop-in maintenance, and full strip, paint, and corrosion control on selected aircraft required to sustain the F-16 fleet throughout Europe.

* Price Action: AIR shares are trading lower by 1.93% at $35.14 on the last check Thursday.