Since its establishment in 1953, the company's name has changed in turn from U.R.A. to I.R.Av, I.Av. and finally Aerostar. It has been a subsidiary of the Ministry of Armed Forces, Air Defence Headquarters, General Industrial Direction of the Army, the Ministry of Machine Building Industry as part of the Central Department for Fine Mechanics and Aeronautical Industry, of Bucharest Aeronautical Group or of the National Centre of the Romanian Aeronautical industry.
Aerostar has provided repair and maintenance services for all the aircraft types used by the Romanian military. The company also developed the IAR-93 twin-engine, tactical ground attack and reconnaissance aircraft, the first fighter aircraft built in Romania after World War II. Upgrade programs for the MiG-21 (MiG-21 LanceR) and MiG-29 were developed by Aerostar in co-operation with Elbit Systems.
The company has produced more than 1800 Yak-52 aircraft, in three versions - IAK-52, IAK-52W and IAK-52TW.
Aerostar upgraded the Romanian Air Force's MiG-21 LanceR aircraft. This program included the development of upgrade programs for the MiG-21, and MiG-21 bis and also the MiG-29 SNIPER upgrade demonstrator program. A modernization program was also carried out on the YAK-52W and YAK-52TW trainers. The LAROM modernization program upgraded the 40 APRA 122 FMC multiple rocket launchers belonging to the army.