Benzinga | Dec 21, 2021 04:06PM EST

AAR Announces $150M Buyback Program

AAR CORP. (NYSE:AIR) today announced that its Board of Directors authorized a renewal of its stock repurchase program. The authorization permits the repurchase of up to $150 million of the Company's common shares.

"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 CORP. "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."

Repurchases will occur from time to time in open market purchases or privately negotiated transactions at the discretion of management, subject to prevailing market conditions and other considerations, including the Company's liquidity and investment opportunities. 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.