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
'Oh my God, you're my brother': Man in his 70s discovers 6 unknown siblings
After receiving a DNA kit one Christmas from his son-in-law, Hugh McCormick soon discovered that he had six unknown siblings, with whom he shared the same birth parents.
No refund for travellers who cancelled flight already scrapped by airline: regulator
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Rates of cancer declining in Canada, but more work needed to save lives: projections
A new study projecting declining rates of cancer cases and deaths in Canada demonstrates the success of prevention and early detection programs, but also highlights areas where more work is needed to save and prolong lives, researchers say.
DEVELOPING Trump trial arrives at a pivotal moment: Star witness Michael Cohen is poised to take the stand
The star prosecution witness in Donald Trump's hush money trial is set to take the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
India's mammoth election is more than halfway done as millions begin voting in fourth round
Millions of Indians across 96 constituencies began casting their ballots on Monday as the country's gigantic, six-week-long election edges past its halfway mark. Prime Minister Narendra Modi is seeking a third straight term with an eye on winning a supermajority in Parliament.
Ottawa pizzeria places among top 20 deep-dish pizzas in the world at international competition
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Man fatally 'slashed in the neck' in downtown Toronto, suspect outstanding
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.