Press Release - for immediate release
 

ARI Joins Hands with Honeywell to Advance Used Aircraft Solutions

Hong Kong - 25 August 2017 - Aircraft Recycling International ("ARI"), the first full life solutions provider for used aircraft in Asia, is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Honeywell Aerospace ("Honeywell") via its wholly-owned subsidiary, China Aircraft Disassembly Centre (Hong Kong) Limited Company ("CADC(HK)"), with regards to the parties' strategic cooperation intention for expanding aircraft maintenance and dismantling businesses at ARI's China Aircraft Disassembly Centre ("CADC") located at Harbin. The parties shall collaborate and develop repair and maintenance services at the CADC's facility to support regional demand, and to promote their brand equity.

ARI and Honeywell will jointly explore and discuss used aircraft solutions based on the common ground of mutual benefits and complementary resources sharing. Christina Ng, Deputy Chief Executive Officer and Chief Operating Officer of ARI commented, "ARI has accumulated a wealth of experience in used aircraft solutions, including aircraft dismantling technology, aircraft asset management, business operations, and has also gained recognitions from our aviation partners. Together with our two aircraft recycling platforms, namely UAM in the US and CADC in Harbin, ARI will be able to echo the global demand for mid-to-late life aircraft asset management. The alliance with the centennial brand, Honeywell, is going to drive new impetus to the future development of both parties. Equipped with amassed industrial experience, enriched network and resources, as well as distinguished brand equity, Honeywell will be a gilding lily to CADC's business expansion. At the same time, ARI would leverage its competitive strengths to support Honeywell in new trading business establishment, and in marketing and branding."

"There are big opportunities in Asia Pacific's maintenance, repair and overhaul (MRO) market, which is expected to grow at 6 percent per annum," said Steven Lien, president of Honeywell Aerospace Asia Pacific. "Honeywell's resources span the Americas, Europe Middle East, Africa, Asia and the South Pacific to deliver dedicated 24/7 service support. In the Asia Pacific region only, Honeywell has seven aftermarket service sites. By partnering with strong players like ARI, Honeywell is improving our operating and repair capabilities to provide local customers with better support."

While commercial aircraft fleet in China expand with average age increases, there are surging demand for fleet maintenance, repair and overhaul (MRO) services, and the trend is expected to continue. With this vision, ARI has been committed to strengthening its capability in fulfilling the global demand for mid-to-old aged aircraft solutions and asset management. Combining with the strong support by UAM (the world's leading global aviation services provider based in the US, which was fully acquired by the Company in March 2017) and CADC (the aircraft recycling centre in Harbin, which is about to commence operation), together with the integrated resources and customer base provided by CALC (ARI's parent company), ARI provides a state-of-art global platform of mid-to-old life aircraft solutions.

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About Aircraft Recycling International Limited
Aircraft Recycling International Limited ("ARI"), a CALC member company, is the first in Asia to provide solutions for mid-to old-aged aircraft. Its comprehensive used aircraft solutions include sales and leaseback, trading of aircraft components, disassembly and recycling, maintenance, repair and overhaul ("MRO"), aircraft conversion and more. Its aircraft recycling facility in Harbin, China, is the largest of its kind in the world. ARI fully acquired UAM in 2017 and created a global-state-of-the-art-life cycle solutions platform.

About Honeywell

Honeywell Aerospace products and services are found on virtually every commercial, defense and space aircraft, and its turbochargers are used by nearly every automaker and truck manufacturer around the world. The Aerospace business unit develops innovative solutions for more fuel-efficient automobiles and airplanes, more direct and on-time flights, safer flying and runway traffic, along with aircraft engines, cockpit and cabin electronics, wireless connectivity services, logistics, and more. The business delivers safer, faster, and more efficient and comfortable transportation-related experiences worldwide. For more information, visit www.honeywell.com or follow us at @Honeywell Aero and @Honeywell_Turbo.

Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.