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WOOD DALE, Ill. , Dec. 19, 2024 /PRNewswire/ -- AAR CORP. (NYSE: AIR) ("AAR" or the "Company") announced today that it has reached resolutions with the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") to resolve previously disclosed potential violations of the U.S. Foreign Corrupt Practices Act (the "FCPA") relating to certain transactions signed in 2016 and 2017 in Nepal and South Africa. After self-reporting the potential violations to the DOJ and SEC in 2019, and cooperating with both agencies in a multi-year investigation, AAR has entered a Non-Prosecution Agreement ("NPA") with the DOJ, and the SEC has accepted the Company's Offer of Settlement and issued a cease-and-desist order (the "SEC Order"). The resolutions with both the DOJ and SEC make clear that the relevant conduct was principally carried out by a former employee of a Company subsidiary and former third-party agents. The total amount payable by AAR under the NPA and SEC Order is $55,599,653 , inclusive of penalties, forfeiture, and prejudgment interest, which will be reflected as a one-time charge in the Company's consolidated financial statements for fiscal year 2025 second quarter ended November 30, 2024 . The Company expects to fund these payments using a combination of cash on hand and borrowings under its revolving credit facility. "We are pleased to resolve these matters with the DOJ and SEC," said John M. Holmes , AAR's Chairman, President and Chief Executive Officer. "We thank the DOJ and SEC for their collaboration and their recognition of the Company's substantial cooperation. AAR remains committed to transparency and accountability and operating in an ethical and compliant manner as we deliver innovative, value-driven solutions to meet the ever-evolving needs of our customers worldwide." Since self-reporting the potential violations to the DOJ and SEC in 2019, the Company has taken extensive steps to enhance its global compliance program. AAR's remedial actions, along with the significant effort it made to cooperate with the investigations, were acknowledged by the DOJ and the SEC as part of the resolutions. About AAR AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at aarcorp.com . Forward-looking statements This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, which reflect management's expectations about future conditions, including, but not limited to, funding the payments required pursuant to the resolution of the DOJ and SEC investigations. Forward-looking statements often address our expected future operating and financial performance and financial condition, or sustainability targets, goals, commitments, and other business plans, and often may also be identified because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. These forward-looking statements are based on the beliefs of Company management, as well as assumptions and estimates based on information available to the Company as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: (i) factors that adversely affect the commercial aviation industry; (ii) adverse events and negative publicity in the aviation industry; (iii) a reduction in sales to the U.S. government and its contractors; (iv) cost overruns and losses on fixed-price contracts; (v) nonperformance by subcontractors or suppliers; (vi) a reduction in outsourcing of maintenance activity by airlines; (vii) a shortage of skilled personnel or work stoppages; (viii) competition from other companies; (ix) financial, operational and legal risks arising as a result of operating internationally; (x) inability to integrate acquisitions effectively and execute operational and financial plans related to the acquisitions; (xi) failure to realize the anticipated benefits of acquisitions; (xii) circumstances associated with divestitures; (xiii) inability to recover costs due to fluctuations in market values for aviation products and equipment; (xiv) cyber or other security threats or disruptions; (xv) a need to make significant capital expenditures to keep pace with technological developments in our industry; (xvi) restrictions on use of intellectual property and tooling important to our business; (xvii) inability to fully execute our stock repurchase program and return capital to stockholders; (xviii) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements; (xix) non-compliance with restrictive and financial covenants contained in our debt and loan agreements; (xx) changes in or non-compliance with laws and regulations related to federal contractors, the aviation industry, international operations, safety, and environmental matters, and the costs of complying with such laws and regulations; and (xxi) exposure to product liability and property claims that may be in excess of our liability insurance coverage. Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. Those events and uncertainties are difficult or impossible to predict accurately and many are beyond our control. For a discussion of these and other risks and uncertainties, refer to our Annual Report on Form 10-K, Part I, "Item 1A, Risk Factors" and our other filings from time to time with the U.S. Securities and Exchange Commission. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The risks described in these reports are not the only risks we face, as additional risks and uncertainties are not currently known or foreseeable or impossible to predict accurately or risks that are beyond the Company's control or deemed immaterial may materially adversely affect our business, financial condition or results of operations in future periods. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. Contact: Media Team +1-630-227-5100 Editor@aarcorp.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aar-resolves-foreign-corrupt-practices-act-investigations-with-the-doj-and-sec-302336664.html SOURCE AAR CORP.MP Materials to Participate in the Jefferies 2024 Battery Storage & Materials Virtual ConferenceKentucky will aim to improve upon its best start in seven seasons when it hosts Western Kentucky on Tuesday night in Lexington, Ky., in the final game of the BBN Invitational. The Wildcats (5-0) are ranked No. 8 in the latest Associated Press poll and are setting impressive offensive milestones even for a program as tradition-rich as Kentucky, which includes eight national championships. The Wildcats have scored 97 or more points in their first four home games for the first time in program history and eclipsed the 100-point mark in three of those games. Their lone trip out of state was a solid 77-72 victory over Duke in a matchup of top-10 teams in Atlanta. Kentucky has also made at least 10 three-pointers in each of its first five games of a season for the first time ever. "I think Kentucky attracts good people," Kentucky coach Mark Pope said after the Wildcats' 108-59 win over Jackson State on Friday. "It's the one place in all college basketball where you represent just a fanbase in a different, unique way." Otega Oweh and Koby Brea have led the Wildcats' early scoring outburst. Oweh, who is averaging 16.2 points per game, had 21 points on 8-for-12 shooting against Jackson State. "He gets us off to unbelievable starts every night," Pope told reporters after that game. "He's probably been our most consistent guy in games." Brea, who scored 22 points against Jackson State and is averaging 16.0 points per game, is leading the nation in 3-point accuracy at 74.1 percent. As a team, the Wildcats are shooting 42.3 percent from beyond the arc. And the few times they miss, Amari Williams has been doing the dirty work on the glass, averaging 10.8 boards in addition to 9.6 points per game. Kentucky faces a different challenge than it's had to contend with so far in the Hilltoppers (3-2), who have won three in a row after losing their first two games to Wichita State and Grand Canyon. Their up-tempo play hasn't exactly resulted in great offensive output, but in the Hilltoppers' 79-62 win over Jackson State on Wednesday, they shot 45.2 percent from 3-point range (14 for 31). "I was happy to see a lot of different guys contribute tonight and, hopefully, get their feet under them a little bit and get some confidence," said Western Kentucky coach Hank Plona, who is in his first season as head coach. "Obviously, Tuesday will be quite a test and challenge for us and we'll need them to be at their absolute best." Western Kentucky has an experienced group, which returned mostly intact from last season. The team is led by Conference USA first-team selection Don McHenry, who is leading the team with 17.2 points and 2.2 steals per game. McHenry is one of four Hilltoppers with scoring averages in double figures. Julius Thedford (11.4 points per game) and Babacar Faye (15.0) are each shooting 40 percent or better from 3-point range. Western Kentucky also figures to challenge the Wildcats on the boards as it enters the game ranked in the top 25 in defensive rebounding (30.4 per game). Faye leads the Hilltoppers in that department, averaging 7.8 rebounds per game and figures to battle Williams inside. "We're not the biggest team in the world, but our depth and our quickness are our strengths," Plona said. --Field Level Media
Former U.S. President Jimmy Carter has died. He was 100 years old and had spent more than a year in hospice care. The Georgia peanut farmer served one turbulent term in the White House before building a reputation as a global humanitarian and champion of democracy. He defeated President Gerald Ford in 1976 promising to restore trust in government but lost to Ronald Reagan four years later amid soaring inflation, gas station lines and the Iran hostage crisis. He and his wife, Rosalynn Carter, then formed The Carter Center, and he earned a Nobel Peace Prize while making himself the most active and internationally engaged of former presidents. The Carter Center said the former president died Sunday afternoon in Plains, Georgia.Mexico City, Nov 23 (AP) Mexico has been taking a bashing lately for allegedly serving as a conduit for Chinese parts and products into North America, and officials here are afraid a re-elected Donald Trump or politically struggling Canadian Prime Minister Justin Trudeau could try to leave their country out of the US-Mexico-Canada free trade agreement. Mexico's ruling Morena party is so afraid of losing the trade deal that President Claudia Sheinbaum said on Friday the government has gone on a campaign to get companies to replace Chinese parts with locally made ones. Also Read | Pakistan Violence: 15 Killed, 25 Injured in Fresh Sectarian Clashes in Kurram, 2 Days After Attack on Passenger Vehicles. “We have a plan with the aim of substituting these imports that come from China, and producing the majority of them in Mexico, either with Mexican companies or primarily North American companies,” Sheinbaum said. While Sheinbaum claimed Mexico had been working on that effort since the 2021 global supply chain crisis — when factories around the world were stalled by a lack of parts and particularly computer chips from Asia — it appears to be an uphill battle. Even the United States has faced big challenges in moving chip production back home despite billions in subsidies and incentives. Also Read | Gautam Adani Indicted: US SEC Summons Indian Billionaire's Nephew Sagar in Bribery Case. Mexico gained tens of thousands of jobs when US and foreign automakers moved their plants to Mexico under the free trade pact to take advantage of much lower wages. But the idea that Chinese parts — or even whole cars — could be piggybacking on that arrangement to further hollow out the US auto industry has enraged some people north of the border. So Mexico is scrambling with private companies to get them to move parts production here. “Next year, God willing, we are going to start making microchips in Mexico,” Mexican Economy Secretary Marcelo Ebrard said on Thursday. “Of course they're not yet the most advanced chips, but we are going to start producing them here.” Mexico's nationalistic ruling party, which is normally very resistant to being seen as bending to US demands, is scrambling in other ways, too. The ruling party is in the process of eliminating a half-dozen independent regulatory and oversight agencies that were established by former presidents. That includes the anti-monopoly, transparency and energy regulatory bodies. Together with reforms that will make all judges stand for election in Mexico, that has sparked concern in the US and Canada. Countries are required under the agreement to have some independent agencies, in part to protect foreign investors. For example, they could prevent a government from approving a monopoly for a state-owned company that could force competitors out of the market. So ruling-party legislators are actually re-writing the proposed laws to exactly mimic the minimum accepted requirements under the trade accord. “What is being done is to create a reform so that its almost exactly equal to what exists in the United States, so we can clear that up,” Ebrard said. It's all part of a very legalistic defence of the trade accord, signed in 2018 and approved in 2019. Mexico hopes the rules of the agreement would prevent the US or Canada from simply walking away when the trade pact comes up for review in 2026. Experts agree, saying that totally abandoning the accord is unlikely. Gabriela Siller, director of economic analysis of the financial group Banco Base notes that if a country is dissatisfied with the trade agreement during the periodic reviews, like in 2026, there is a clause in the pact that says they can ask for a review each year to work out a solution, and keep doing that for a decade while the agreement remains in force. “That is, they wouldn't be able to get out until 2036,” Siller said. “I think they will play hardball with Mexico in the 2026 review.” Like any marriage, when the pact no longer works for one party, it may still drag on for years but it's death by a thousand cuts. C.J. Mahoney. who served as deputy US trade representative in Trump's first administration, said in a talk for the Texas-based Baker Institute in September that the United States probably wouldn't end the trade agreement. But with growingly vocal critics of the pact it could hold up renewing it for years. “The costs of not renewing immediately are actually quite relatively low,” Mahoney said. “I think the inclination to just kick the can down the road will be pretty strong.” Because many companies won't make big investments in production facilities without certainty, that could be a serious if not fatal blow to the pact. How much does Mexico actually buy from China? Mexican officials say they have fewer imports of Chinese parts and products than the United States does. But given the enormous size difference between the two countries' economies, it is a true but weak argument. In July, the US imposed tariffs on steel and aluminum shipped from Mexico that were made elsewhere, in an attempt to stop China from avoiding import taxes by routing goods through Mexico. It includes a 25 per cent tariff on steel not melted or poured in Mexico and a 10 per cent tariff on aluminum. Sen. Sherrod Brown, an Ohio Democrat, has called for stopping Mexican steel imports, saying “the alarming rise in Chinese steel and aluminum coming into the country through Mexico ... is unsustainable and a threat to American jobs, as well as our economy and national security". In the end, Mexico may be forced to crack down on Chinese imports, but it won't be easy. “Reducing the dependence on Chinese imports is not going to be achieved in the short or medium term," said José María Ramos, a professor of public administration at the Colegio de la Frontera Norte in Tijuana. (AP) (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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