Erickson Announces Organizational Restructuring

PORTLAND, Ore.--()--Erickson Incorporated (NASDAQ:EAC) announced today that it has initiated a comprehensive organizational restructuring that it anticipates will create significant new efficiencies and cost reductions, improve profitability, and enhance the Company’s overall competitive position. The Company will now be organized into the following four business segments:

  • Government Aviation Services, led by Chris Bassett
  • Oil & Gas Aviation Services, led by Santiago Crespo
  • Commercial Aviation Services, led by Andy Mills
  • Manufacturing & MRO, led by Kerry Jarandson

This significant restructuring marks the final stage of integration associated with the Evergreen Helicopters and Air Amazonia acquisitions. In connection with its business segment realignment, the Company is engaged in several operational initiatives that are focused on achieving substantial efficiency and accountability improvements across the business and are intended to enhance the Company’s overall profitability and cash flow position.

As part of the planned restructuring, Erickson will lay off approximately 150 employees. The layoffs will impact field, factory, and office locations, primarily in Oregon, but also at other U.S. locations.

”We value our team members deeply and have been fortunate to build an organization that has demonstrated exceptional quality and commitment,” said Udo Rieder, Erickson President and CEO. “This restructuring will create efficiency, reduce our costs, simplify lines of reporting and responsibility and enhance accountability. We believe we will be better able to address the challenges we have seen in our end markets, particularly in Defense and Oil & Gas, and reinforce our position as one of the world’s leading aviation services providers.”

About Erickson

Erickson is a leading global provider of aviation services specializing in oil and gas, government services, legacy aircraft MRO and manufacturing, and commercial services such as firefighting, HVAC, power line, specialty, construction, and timber harvesting. Erickson operates a fleet of 86 rotary-wing (light, medium, and heavy) and fixed-wing aircraft, including 20 heavy-lift S-64 Aircranes. Founded in 1971, Erickson is headquartered in Portland, Oregon, USA, and maintains operations in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia. For more information, please visit www.ericksonaviation.com.

This press release contains certain statements relating to future results (including, without limitation, “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict”), which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including our inability to successfully execute on our business restructuring goals and also including certain other risks or uncertainties more fully described under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K as well as in the other reports we file with the SEC from time to time, which are available at the SEC’s web site located at http://www.sec.gov. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contacts

Media Inquiries
Erickson
Susan Bladholm, 971-255-5023
sbladholm@ericksonaviation.com
or
Media Scheduling
Erickson
Susie Elliott, 503-505-5885
selliott@ericksonaviation.com
or
Investor Relations
ICR Inc.
James Palczynski, 203-682-8229
james.palczynski@icrinc.com

Release Summary

Erickson Announces Organizational Restructuring

Erickson Incorporated