Northstar Aerospace Focuses on Record Backlog, Divests Non-Core Business
December 2, 2008—In order to handle a significant core-business backlog in manufacturing aerospace gears and transmissions, Northstar Aerospace is divesting its Pratt and Whitney repair and overhaul operation, Northstar Aerospace Turbine Engine Service Group, Inc., of Stroud, Oklahoma. The business' revenue grew from less than $5 million in 1989 to an estimated $15 million for 2008. Northstar acquired the business in 1998.
In 2009, Northstar also plans to close the remainder of its processing operations in Cambridge, Ontario. As a result, the company will sustain severance estimated at $1 million Canadian.
"This divestment strategy will help us focus the company's resources on our core business of manufacturing flight-critical aerospace gears and transmissions," says Glenn Hess, president and CEO of Northstar Aerospace, Inc.