One of the positive characteristics of the MRO sector is its perceived lack of cyclicality compared to aircraft production. Yet over the last decade, MRO has experienced two distinct downturns. The first was in 2009-10, in the wake of the Great Recession, as airlines parked aircraft, burned inventory and slashed discretionary spending to conserve cash. The second downturn, albeit milder, occurred in 2012 and was caused by a record wave of 774 jetliner retirements brought on by a fuel-price ...

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