Springer Aerospace to be sold locally, founder says financial worries behind them
Springer Aerospace in Echo Bay, Ont. has found a way out of its reported $5.7 million debt – all while remaining locally owned and operated.
The company has new owners – its former neighbours – the duo behind Northshore Tractor Limited and Lock City Dairy.
Vic Fremlin has lived next to Springer Aerospace founder Dan Springer for 50 years.
Fremlin, along with his brother Tom are investing $5.5 million in the local aerospace company to keep it going.
“If we’ve got a guy of this caliber, Springer Aviation, here, you’re not going to rebuild that here. There’s no way you’re going to be able to do it,” said Fremlin.
“He did it over 50 years.”
- Download the CTV News app now and get local alerts on your device
- Get local breaking news and updates sent to your email inbox
The business will continue to be run by Springer, as the Fremlins believe the company’s founder had been ‘dealt a bad hand.’
“I’m not worried one bit,” said Fremlin.
“I’m probably more worried about a cow calving in the back of my farm more than I’m going to worry about what he’s going to do down here.”
Springer told CTV News the ‘bad hand’ Fremlin refers to was poorly timed investments.
In the years immediately before the pandemic, Springer Aerospace spent about $7.5 million in upgrades to its hangar and runway – then COVID-19 happen; that Springer said no one could have predicted.
“Our customers are the regional airlines of the world, and especially in Canada,” said Springer.
“The mandate was that they couldn’t carry passengers, so they shut down for two years and that really hurt us.”
Company officials said pre-pandemic the aerospace firm had about 150 employees – now just 50.
Springer said with financial worries now behind them, he expects that with the upgrades already put in place, they will regain those employees and even “expand to new heights.”
“We have the facilities in place, we have the key people in place, we have the financing in place. We’re going to increase our customer base, service our existing customers and rebuild our workforce,” he said.
Officials said the transactions to finalize the sale should close by the end of the week.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6974402.1721752977!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Laws that could get Canadians in trouble in tourism hotspots
There are some laws in popular tourist destinations around the world that could land Canadian travellers in mild-to-serious trouble if they're not careful. Don't let these local laws land you in hot water during your next vacation abroad.
Edmonton gas station employee found guilty of terrorism charges in the U.K.
An Edmonton man has been convicted of multiple charges under the Terrorism Act in the United Kingdom.
BREAKING Polar bear at Calgary Zoo died by drowning following 'crushing' injury
The Wilder Institute/Calgary Zoo has revealed the cause of death for polar bear Baffin last week.
U.S. Secret Service director resigns after Trump assassination attempt
The director of the Secret Service resigned Tuesday in the aftermath of the assassination attempt against former U.S. president Donald Trump that unleashed an outcry about how the agency failed in its core mission to protect current and former presidents.
Quebec mom devastated after man who killed her daughter in hit-and-run gets out after 5 months
A Montreal-area mother is furious with Quebec's justice system because the man who killed her 25-year-old daughter in a 2022 hit-and-run was released from jail after only serving one-sixth of his sentence behind bars.
Waterloo, Ont. woman out thousands after car totalled in hit-and-run
A woman in Waterloo, Ont. is out thousands of dollars for a car crash she wasn’t involved in.
DEVELOPING Jasper evacuees forced into B.C. to flee fires told to make U-turn to Alberta for aid
Thousands of wildfire evacuees forced from Jasper National Park into British Columbia along smoke-choked mountain roads Monday night were directed Tuesday to make a wide U-turn and head home if they needed a place to stay.
Keanu Reeves explains why he's always thinking about death
Keanu Reeves is aging like the rest of us. And for that reason, 'The Matrix' has shared, mortality has been on his mind.
Do you need a lawyer when making a will in Canada?
Many people believe that creating a will requires the services of a lawyer, but this isn't always the case. In his personal finance column for CTVNews.ca, Christopher Liew explains a lawyer's role when crafting your last will and testament.