Erickson Inc.

Erickson Incorporated
Erickson
Public
Traded as NASDAQ: EAC
Industry Aviation
Founded Central Point, Oregon, United States (1971 (1971))
Founder Jack Erickson
Headquarters Portland, Oregon, United States of America
Number of locations
 8 facilities (2014)
Key people
 Jeff Roberts, CEO, President and Director
Products Helicopter manufacturer and operator
Revenue Increase US$ 318.2 million
Decrease US$ 9.6 million
Website www.ericksoninc.com
S-64E Erickson Air-Crane photographed at Ioannina airport, Greece

Erickson Incorporated is an American aircraft manufacturing and operating company based in Portland, Oregon, United States.[1] Founded in 1971, it is known for producing the S-64 Aircrane helicopter, which is used in fire suppression and other heavy-lift operations. The company's stock trades on the NASDAQ market. The company was known as Erickson Air-Crane Incorporated until 2014. Erickson's main facility is located in the Southern Oregon community of Central Point.

History

Erickson was established in 1971 in Central Point by Jack Erickson.[2] Originally the Sikorsky S-64 Skycrane, the type certification and manufacturing rights for the S-64 were purchased from Sikorsky Aircraft by Erickson Air-Crane in 1992. Since that time, Erickson Air-Crane has become the manufacturer and world's largest operator of S-64 Aircranes and has made over 1,350 changes to the airframe, instrumentation, and payload capabilities of the helicopter. The Aircrane can be fitted with a 2,650-gallon (~10,000 liter) fixed retardant tank to assist in the control of bushfires. The Skycrane has a support group of a tanker truck, service trailer and lift, and a crew of 8 people.[3]

In 2007, Erickson was sold to ZM Private Equity Fund, who in 2009 moved the company's headquarters to Portland.[2] Then a privately held company, Erickson announced plans to go public in 2010,[4][5] which was delayed into 2012.[6] On April 11, 2012, the company completed an initial public offering and began trading on the NASDAQ market, with ZM Private Equity Fund retaining ownership of 63% of the company.[2][7] The company acquired Evergreen International Aviation's helicopter unit for a $250 million deal in March 2013.[8] Erickson then bought Brazil-based HRT Participacoes em Petroleo S.A.'s oil and gas unit, with the deal expected to be finalized in 2013.[9][10]

The name of the company was changed to Erickson Inc. in February 2014.[11]

Aviation industry veteran Jeff Roberts is CEO and President. He was appointed April 1, 2015.[12]

The Evergreen purchase was financed partly with debt, and (together with challenging business conditions) caused Erickson to file for Chapter 11 bankruptcy in November 2016 to reorganize while keeping the business running.[13]

Markets

Wes Lematta of Columbia Helicopters and Jack Erickson were able to demonstrate the first financially successful run of helicopter logging in 1971 using Lematta's Sikorsky S-61, registration number N318Y and timber provided by the Erickson Lumber Company. The following year the Boeing Vertol 107 was used. Since Lemmata provided the helicopter and Erickson had purchased the timber, both Columbia Helicopters and Erikson Air-Crane claim to be the first successful "Heli-Loggers".

S-64 Aircranes have been sold to the Italian State Forestry Corps, and Korea Forest Service for fire suppression and emergency response duties. Those in the Erickson Air-Crane fleet are leased worldwide to organizations, companies, municipalities and Federal Agencies for either short-term or longer term use in fire suppression, civil protection, heavy lift construction, and timber harvesting. The aerial services portion of company accounts for 92% of revenues.[14]

Heliport

The company owns Erickson Air-Crane Admin Offices Heliport (FAA LID: OG58), a private, 130 x 130 ft. (40 x 40 m) heliport.

See also

References

  1. ↑ "Erickson History". Erickson History. Erickson. Retrieved 30 March 2014.
  2. 1 2 3 Rogoway, Mike (April 11, 2012). "Erickson Air-Crane finally holds its IPO, the first in Oregon since 2004". The Oregonian. Retrieved April 11, 2012.
  3. ↑ Huber, Mark. "Erickson and Columbia: Keeping The Big Blades Flying" AINonline, 5 October 2014. Accessed: 18 October 2014.
  4. ↑ Siemers, Erik (January 30, 2012). "Erickson Air-Crane sets IPO price range of $13 to $15". Portland Business Journal. Retrieved 4 February 2012.
  5. ↑ Siemers, Erik (February 3, 2012). "Report: Erickson Air-Crane IPO delayed". Portland Business Journal. Retrieved 4 February 2012.
  6. ↑ Siemers, Erik (March 21, 2012). "Erickson Air-Crane, for second time, issues IPO price range". Portland Business Journal. Retrieved March 21, 2012.
  7. ↑ Siemers, Erik (April 11, 2012). "IPO drought ends, Oregon yawns". Portland Business Journal. Retrieved April 11, 2012.
  8. ↑ "Erickson Air-Crane Announces Definitive Purchase Agreement for Air Amazonia Aerial Services Business". July 22, 2013. Retrieved Feb 21, 2016.
  9. ↑ Stevens, Suzanne (November 7, 2012). "Erickson Air-Crane to acquire oil and gas assets of HRT". Portland Business Journal. Retrieved 8 March 2013.
  10. ↑ Stevens, Suzanne (March 7, 2013). "Erickson Air to pay up to $75M for HRT aerial services unit". Portland Business Journal. Retrieved 8 March 2013.
  11. ↑ Kish, Matthew (February 26, 2014). "A new name for Erickson Air-Crane Inc.". Portland Business Journal. Retrieved 27 February 2014.
  12. ↑ Huber, Mark (August 11, 2015). "Roberts Replaces Retiring Rieder at Erickson". Aviation International News. Retrieved 4 March 2015.
  13. ↑ "Erickson Incorporated files Chapter 11". November 9, 2016. Retrieved November 10, 2016.
  14. ↑ Stevens, Suzanne (May 30, 2012). "Erickson Air-Crane lands $44M NATO contract". Portland Business Journal. Retrieved June 2, 2012.
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