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
Three dead, two hospitalized, following collision in Fredericton: police
Three people have died and two have been hospitalized after a speeding car struck a tree and landed on another vehicle in Fredericton Sunday morning.
Amid climate change warnings, Canadians lukewarm on electric vehicles
Amid scientists' warnings that nations need to transition away from fossil fuels to limit climate change, Canadians are still lukewarm on electric vehicles, according to a study conducted by Nanos Research for CTV News.
Montreal man on the hook for thousands of dollars after a feature on his Tesla caused an accident
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
Madonna's biggest-ever concert transforms Rio's Copacabana beach into a massive dance floor
Madonna put on a free concert on Copacabana beach Saturday night, turning Rio de Janeiro's vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.
1 person killed and 23 injured in a bus crash in northern Maryland, police say
One person was killed and 23 others were injured when a bus crashed early Sunday on Interstate 95 in northern Maryland, police said.
Nylander defends Leafs' core after playoff exit, Toronto again picks up the pieces
William Nylander stood in a solemn visitors locker room at TD Garden just before midnight. The Maple Leafs had battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss. Nylander's message was emphatic.
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.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Video shows gaggle of geese stopping traffic on Highway 1 near Vancouver
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.