UPDATE: AAR CORP to Acquire Telair International and Nordisk Aviation; Expects to Result in EArnings Accretion of $0.20-0.25 per Share

AAR CORP. (NYSE: AIR) announced today that it has signed a definitive agreement to purchase Telair International GmbH and Nordisk Aviation Products, AS from Teleflex Incorporated (NYSE: TFX). The acquisition significantly adds to AAR's commercial manufacturing business and greatly enhances the Company's ability to capitalize on commercial aircraft build cycles as a Tier-1 supplier to Airbus and Boeing.

The purchase price of the acquisition is $280 million, which will be initially funded through the Company's existing revolving credit facility. The transaction is subject to customary closing conditions and is expected to be completed before the end of the calendar year. After closing, the Company will update its revised guidance for fiscal year 2012, which was provided on October 5, 2011 at the Company's Investor Day conference.

The transaction is expected to generate, on a full-year basis in fiscal year 2013, more than $225 million of revenue, be immediately accretive to margins and result in earnings accretion between $0.20 and $0.25 per diluted share, based on initial estimates of purchase accounting adjustments and excluding synergies resulting from the acquisition.