Hong Kong Aircraft Engineering Company Limited (HAECO Group) and All Nippon Airways (ANA) have signed a new landing gear overhaul agreement covering the Japanese carrier’s Boeing 777-300ER and 777F fleets through 2030. The contract, finalized on September 23, 2026, during the MRO Asia-Pacific event in Singapore, expands a nearly 30-year maintenance partnership between the two companies.

In a press release issued on September 24, 2026, HAECO announced that the overhaul work will be conducted at its dedicated 10,000-square-meter landing gear facility in Xiamen, China. The agreement adds critical component support to an existing portfolio of airframe and line maintenance services HAECO provides to the airline.

Expanding a decades-long partnership

The maintenance collaboration between HAECO and ANA began in 1997. The partnership reached a notable operational milestone in June 2025, when the companies celebrated the 500th ANA aircraft input at HAECO’s facility at Xiamen Gaoqi International Airport.

This new landing gear contract follows a recent extension of line maintenance services between the two companies. On March 17, 2026, HAECO and ANA finalized an agreement to continue their line maintenance partnership in Hong Kong, setting the stage for the broader component overhaul deal signed in Singapore.

George Edmunds, Group Director Components and Engine Services at HAECO, stated the agreement marks an important milestone as the maintenance provider expands its support to include landing gear overhaul services for the carrier. Tsuyoshi Yazaki, Vice President Supply-Chain Operations of ANA, noted HAECO’s history as a trusted airframe services partner with strong technical capabilities.

“As we continue to optimise the performance and reliability of our Boeing 777 fleet in the region, we are pleased to extend our partnership with HAECO and rely on their proven capabilities in landing gear overhaul services,” Yazaki said.

Strategic growth at MRO Asia-Pacific

The ANA agreement was part of a broader series of commercial deals secured by HAECO at the September 2026 MRO Asia-Pacific event. The trade show served as a platform for the maintenance provider to solidify several long-term contracts with major Asian operators.

During the same week in Singapore, HAECO signed an engine services partnership with Garuda Indonesia covering GE90 engines. The company also extended a base maintenance agreement with Japan Airlines, securing heavy maintenance work at the Xiamen facility through 2033.

AirPro News analysis

We view this agreement as a logical consolidation of ANA’s heavy maintenance outsourcing. By adding Boeing 777-300ER and 777F landing gear overhauls to the existing Xiamen airframe maintenance contract, ANA streamlines its Supply-Chain and reduces logistical friction for its widebody Boeing fleet. The timing also highlights HAECO’s aggressive push to secure long-term component and base maintenance contracts across the Asia-Pacific region. By locking in agreements with ANA, Japan Airlines, and Garuda Indonesia in a single week, HAECO is effectively leveraging its specialized Xiamen infrastructure to capture high-value widebody work through the end of the decade.

Sources: HAECO Group

Aviation aftermarket services provider AAR CORP. has entered into a definitive agreement to acquire a 65% controlling interest in MRO Holdings for an equity value of approximately $1.8 billion. The transaction will create the largest heavy maintenance provider in the global aviation industry.

Announced in a company press release on September 28, 2026, the acquisition is based on an implied enterprise value of $4.0 billion for MRO Holdings. The deal is expected to close in February 2027, aligning with AAR’s fiscal third quarter, and represents a major expansion of the company’s integrated aftermarket platform.

Financial Structure and Stakeholder Equity

AAR expects to fund the transaction using $2.1 billion in new debt. This capital will cover the initial 65% interest and repay $1.3 billion of MRO Holdings’ existing borrowings.

The transaction structure includes issuing $780 million in equity, priced at $135 per share, to existing MRO Holdings shareholders. Current investors include private equity firm Bain Capital, Caoba Capital, and the family of MRO Holdings founder Roberto Kriete. Bain Capital will retain a residual position in the maintenance firm while taking an equity stake in AAR.

The funding strategy also incorporates $230 million in expected proceeds from a private investment in public equity (PIPE) offering led by The Pritzker Organization.

AAR holds options to acquire the remaining 35% ownership interest in MRO Holdings. A 5% stake is exercisable within six years of closing, while the final 30% is exercisable in three equal tranches on the second, third, and fourth anniversaries of the initial closing.

Operational Scale and Projected Synergies

MRO Holdings operates facilities across El Salvador, Mexico, Colombia, and the United States, employing approximately 10,000 professionals. The company manages 115 lines of airframe maintenance capacity and derives roughly 90% of its revenue from U.S. customers.

Once integrated, the combined entity expects to service nearly 3,000 aircraft annually. AAR Chairman, President and CEO John M. Holmes stated that heavy maintenance serves as a foundational element of the company’s platform, driving revenue to all other operational areas.

Financially, MRO Holdings is projected to generate $1.0 billion in sales and $285 million in adjusted EBITDA for calendar year 2026, representing a 27% adjusted EBITDA margin. The acquisition price reflects a 10.7x multiple on that forecasted EBITDA. AAR anticipates $75 million in run-rate cost synergies and expects $150 million in present value from transaction-related tax benefits.

AirPro News analysis

We view this acquisition as a definitive acceleration of AAR’s long-term aftermarket platform strategy. By securing a controlling interest in MRO Holdings, AAR is locking in massive, established heavy maintenance capacity across the Americas. This move follows AAR’s March 2024 acquisition of Triumph Group’s product support business, demonstrating a sustained aggressive posture toward market consolidation.

The heavy reliance of MRO Holdings on U.S. customers aligns perfectly with AAR’s domestic strength, while the nearshore footprint in Latin America provides cost-effective, high-volume airframe maintenance capacity. As airlines continue to operate older aircraft longer due to ongoing original equipment manufacturer (OEM) delivery delays, securing guaranteed heavy maintenance slots has become a critical operational priority. AAR is positioning itself to capture that sustained demand directly.

Sources: AAR CORP.

Werner Aero has acquired an Airbus A319-100 for its aircraft teardown program, marking the aviation aftermarket supplier’s third airframe acquisition in August 2026.

The New Jersey-based company, a subsidiary of Sumitomo Corporation Group, announced the transaction in a September 17 press release, highlighting the continued expansion of its parts recovery and material reuse operations.

Fleet transition and teardown operations

The newly acquired narrowbody, identified as manufacturer serial number (MSN) 2897, was delivered to eCube Solutions at its facility in St Athan, Wales. The aircraft will be dismantled to support Werner Aero’s global spare parts inventory.

This transaction brings the company’s total aircraft acquisitions for the year to 16 through the end of August. Of those, 14 have been allocated specifically to the teardown program, which focuses on recovering high-demand components for active commercial fleets.

Aftermarket strategy

Werner Aero specializes in end-of-life asset management and spare parts provisioning for several major commercial aircraft families. The company’s teardown portfolio primarily targets the Airbus A320 family, Boeing 737 Next Generation, Embraer E-Jet, and Bombardier CRJ platforms.

AirPro News analysis

We view this steady pace of acquisitions as a direct reflection of the current commercial aviation aftermarket. With global supply chain constraints continuing to impact new aircraft deliveries and original equipment manufacturer (OEM) spare parts availability, operators are increasingly reliant on the used serviceable material (USM) market to keep existing fleets flying. Werner Aero’s acquisition of 16 airframes in just eight months underscores the high demand for mature narrowbody components, particularly for ubiquitous platforms like the A320 family.

Sources: Werner Aero