Wesco Aircraft Holdings Announces Expansion of Business with GKN Aerospace
VALENCIA, Calif., July 16, 2019 (GLOBE NEWSWIRE) --
Wesco Aircraft Holdings, Inc. (NYSE: WAIR), the world’s leading
independent distributor and provider of comprehensive supply chain
management services to the global aerospace industry, today announced a new
agreement with GKN Aerospace, a global engineering business with
industry-leading technology including aerostructures and engine systems
on-board 100,000 flights a day, to provide fluid management services to
multiple sites across the Americas and Europe.
The multiyear agreement expands the existing relationship, with Wesco supporting all major aerospace and defense programs across GKN Aerospace’s global footprint. The move is expected to help GKN Aerospace manage its process fluid in a more efficient and sustainable way, and forms part of GKN Aerospace’s ongoing strategy to develop consolidated, global relationships with class-leading suppliers.
Todd Renehan, Wesco Aircraft’s chief executive officer, said, “We’re extremely pleased that GKN Aerospace has extended its relationship with Wesco, further validating the strength of our offering. The agreement adds more sites to the support we have provided GKN Aerospace’s global business for nearly three decades. Our relationship with GKN Aerospace is another important example of the unique value Wesco provides customers in aerospace and defense, as well as the broader industrial sector.”
About Wesco Aircraft
Wesco Aircraft is the world’s leading independent distributor and provider of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, chemical management services, third-party logistics or fourth-party logistics and point-of-use inventory management. The company believes it offers one of the world’s broadest portfolios of aerospace products, including C-class hardware, chemicals and electronic components and comprised of more than 560,000 active SKUs.
To learn more about Wesco Aircraft, visit our website at www.wescoair.com. Follow Wesco Aircraft on LinkedIn at https://www.linkedin.com/company/wesco-aircraft-corp.
Forward-Looking Statements
This press release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Wesco Aircraft Holdings, Inc. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to, management. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “add,” “expand,” “expected,” “ongoing” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the company’s control. Therefore, the reader should not place undue reliance on such statements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: general economic and industry conditions; conditions in the credit markets; changes in military spending; risks unique to suppliers of equipment and services to the U.S. government; risks associated with the loss of significant customers, a material reduction in purchase orders by significant customers, or the delay, scaling back or elimination of significant programs on which the company relies; the company’s ability to effectively compete in its industry; risks associated with the company’s long-term, fixed-price agreements that have no guarantee of future sales volumes; the company’s ability to effectively manage its inventory; the company’s suppliers’ ability to provide it with the products the company sells in a timely manner, in adequate quantities and/or at a reasonable cost, while also meeting the company’s customers’ quality standards; the company’s ability to maintain effective information technology systems and effectively implement its new warehouse management system; the company’s ability to successfully execute and realize the expected financial benefits from its “Wesco 2020” initiative; the company’s ability to retain key personnel; risks associated with the company’s international operations, including exposure to foreign currency movements; changes in trade policies; the company’s dependence on third-party package delivery companies; fuel price risks; fluctuations in the company’s financial results from period-to-period; environmental risks; risks related to the handling, transportation and storage of chemical products; risks related to the aerospace industry and the regulation thereof; risks related to the company’s indebtedness; and other risks and uncertainties.
The foregoing list of factors is not exhaustive. The
reader should carefully consider the foregoing factors and the other risks
and uncertainties that affect the company’s business, including those
described in Wesco Aircraft’s Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other documents
filed from time to time with the Securities and Exchange Commission. All
forward-looking statements included in this news release (including
information included or incorporated by reference herein) are based upon
information available to the company as of the date hereof, and the company
undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Contact Information:
Jeff
Misakian
Vice President, Investor Relations
661-362-6847
Jeff.Misakian@wescoair.com