AAR Corporation was founded in 1951, organized in 1955 and reincorporated in Delaware in 1966. It is a diversified provider of products and services to the aviation and government and defense markets. It conducts its business activities through six operating subsidiaries: AAR Parts Trading, Inc., AAR Aircraft & Engine Sales & Leasing, Inc., AAR Aircraft Services, Inc., AAR Manufacturing, Inc., AAR Airlift Group, Inc., and AAR International, Inc. The Company's international business activities are conducted through AAR International, Inc. It reports its activities in two business segments: Aviation Services, comprised of business activities conducted through AAR Parts Trading, Inc., AAR Aircraft & Engine Sales & Leasing, Inc., AAR Aircraft Services, Inc., AAR Allen Services, Inc. (a wholly-owned subsidiary of AAR Parts Trading, Inc.), AAR Airlift Group, Inc. and AAR International, Inc., and Technology Products, comprised of business activities conducted through AAR Manufacturing, Inc. and AAR International, Inc. It currently performs airframe maintenance, repair and overhaul activities at lease facilities in Indianapolis, Indiana, Oklahoma City, Oklahoma, Miami, Florida, Duluth, Minnesota, and Hot Springs, Arkansas. It is a provider of complex machined and fabricated parts, components and sub-systems for various aerospace and defense programs and other applications, and it designs and manufactures composite materials for commercial, business and military aircraft. In this segment, sales are made to customers pursuant to standard commercial purchase orders and contracts. Competitors in its Aviation Services segment include OEMs, the service divisions of large commercial airlines, and other independent suppliers of parts, repair, and overhaul services to the commercial and defense markets. Its expeditionary airlift services unit competes with domestic and foreign contracting companies. The aviation industry is regulated by the FAA in the United States and equivalent regulatory agencies in other countries.