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AAR completes sale of jets to Malaysia Airlines

WOOD DALE, Ill. (AP) -- AAR said Tuesday that it had completed the sale of 10 aircraft to Malaysia Airlines.

The sale of the Boeing 737-400s, previously announced last November, comes through a joint venture and will give the company roughly $20 million in cash, according to AAR's statement. It will also lead to a slight gain for the company's current fiscal year.

AAR Corp., which sells aviation services and technology to aerospace and defense companies, has been pulling back on its leasing activity as part of a new business strategy. In 2007, the company had a combined total of 42 aircraft — its own and through joint ventures. Now it owns two planes outright and four through joint ventures.

The company's stock was little changed in early trading Tuesday, slipping 2 cents to $17.42.