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
India's foreign minister reacts to murder charges, claims Canada welcomes criminals
India's Foreign Affairs Minister accused Canada of welcoming criminals from his country in response to the RCMP's recent arrests in a homicide that has roiled tensions between the two countries.
15-year-old boy stabbed in Ottawa on Thursday dies
A 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Dash cam catches moment suspected drunk driver hits parked car, sends it careening into North Shore flower shop
Police say it’s fortunate no one was injured or killed in a collision at North Vancouver’s Park and Tilford shopping centre Saturday evening that sent one vehicle careening into a flower shop and another into a set of concrete barriers outside a Winners store.
Actor Bernard Hill, of 'Titanic' and 'Lord of the Rings,' has died at 79
Actor Bernard Hill, who delivered a rousing cry before leading his people into battle in 'The Lord of the Rings: The Return of the King' and went down with the ship as the captain in 'Titanic,' has died.
'A tiny city:' Pro-Palestinian campus protesters organize for another week
Pro-Palestinian activists have set up tents at universities in Toronto, Ottawa, Vancouver and Montreal, following a wave of similar protests at campuses in the United States linked to the Israel-Hamas war.
Lawsuit against Meta asks if Facebook users have right to control their feeds using external tools
Do social media users have the right to control what they see — or don't see — on their feeds?
A Holocaust survivor will mark that history differently after the horrors of Oct. 7
This year's Holocaust Remembrance Day, which begins on Sunday evening in Israel, carries a heavier weight than usual for many Jews around the world.
Princess Anne lays wreath at Battle of Atlantic ceremony; honours late Queen
Princess Anne saluted Canadian veterans and current forces members and honoured her late mother during separate ceremonies Sunday in Victoria as she wrapped up a three-day British Columbia West Coast royal visit.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.