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AAR sells 10 Boeing 737 jets to Malaysia Airlines

WOOD DALE, Ill. (AP) — AAR Corp. will sell 10 aircraft to Malaysia Airlines which the carrier had been leasing since 2007.

Net cash proceeds from the sale of the Boeing 737-400 aircraft through a joint venture would total about $20 million. The sale is expected to close in the company's 2013 fiscal third quarter.

AAR, which sells aviation services and technology to aerospace and defense companies and governments, has been pulling back on its leasing activity as part of a new business strategy.

Company shares rose 11 cents to $15.46 in early trading.