Northstar Aerospace to divest its Pratt & Whitney repair and overhaul operation
Northstar Aerospace Inc. announced plans today to divest its Pratt & Whitney repair and overhaul operation, Northstar Aerospace Turbine Engine Service Group, Inc. located in Stroud, Oklahoma, to focus on its core business of manufacturing gears and transmissions. Northstar acquired this business in 1998 and has seen its revenue base grow from less than U.S. $5 million in revenue in 1989 to estimated revenue for 2008 in excess of U.S. $15 million.
The company will also close the remaining processing operations at its site in Cambridge, Ontario in 2009. The company currently has 26 employees at this site, including 21 who are members of the Canadian Auto Workers, Local 1986. As a result of this closure, the company will incur severance estimated at Cdn. $1 million and closure costs, which will be determined over the next few months. The closure of this facility will not impact the company's remediation efforts at this facility.
"This divestment strategy will help us focus the company's resources on our core business of manufacturing flight-critical aerospace gears and transmissions," said Glenn Hess, President and Chief Executive Officer, Northstar Aerospace, Inc.
Northstar Aerospace, Inc. (www.nsaero.com) is North America's leading independent manufacturer of flight critical gears and transmissions. Northstar Aerospace is a public company (TSX:NAS) with operating subsidiaries in the United States and Canada. Its principal products include helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. It also provides maintenance, repair and overhaul of helicopter engines and transmissions.
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