John Eacott
10th Feb 2015, 05:24
Erickson Inc. lays off 150 as it rolls out reorganization
(http://www.oregonlive.com/business/index.ssf/2015/02/erickson_inc_layoffs_in_southern_oregon.html)
Portland-based Erickson Inc. laid off roughly 15 percent of its workforce, the aviation company announced Thursday.
Executives said a company-wide reorganization prompted the decision to lay off 150 employees. Company spokesperson Susan Bladholm said the job cuts were concentrated in southern Oregon, where Erickson makes parts for and maintains heavy-lift helicopters. Workers who lost their jobs will receive severance packages, Bladholm said.
The announcement comes one year after the company rebranded and shortened its name from Erickson Air-Crane.
Executives have restructured the publicly-traded company around four key segments: government; energy; commercial flight services; and manufacturing and maintenance. Bladholm said the moves are the last steps in folding in two 2013 acquisitions: Evergreen Helicopters, of McMinnville, and Air Amazonia Serviços Aeronauticos Ltda., of Brazil.
The company operates a fleet of planes and helicopters used for firefighting, timber harvesting, construction and energy projects. It also contracts with the Department of Defense, but that became less lucrative as the U.S. military wound down combat operations in Afghanistan, according to the company's most recent financial report.
Bladholm said Erickson's global workforce has decreased from 1,200 to 850 in the past year. Over that time, she said the company cut about 50 jobs in Portland and McMinnville. Although the most recent cuts affected other U.S. sites, they were concentrated near Medford, Bladholm said.
She said a significant share of the company's workforce will still be concentrated in Oregon, either at Erickson's manufacturing and repair hubs in Jackson County or at its corporate headquarters in Southwest Portland.
The company announced the layoffs and reorganization shortly before the Nasdaq Stock Market closed for the day. Its stock had been trading up, and increased further after the announcement. Shares closed up 93 cents at $8.62, a gain of 12 percent. The strong trading boosted its market valuation to $114.3 million.
Erickson reported net earnings of $16.9 million during the third quarter of 2014, up from $14.5 million the same time in 2013. It has not yet posted year-end results.
-- Molly Young
I hope that no one we know is affected :sad:
(http://www.oregonlive.com/business/index.ssf/2015/02/erickson_inc_layoffs_in_southern_oregon.html)
Portland-based Erickson Inc. laid off roughly 15 percent of its workforce, the aviation company announced Thursday.
Executives said a company-wide reorganization prompted the decision to lay off 150 employees. Company spokesperson Susan Bladholm said the job cuts were concentrated in southern Oregon, where Erickson makes parts for and maintains heavy-lift helicopters. Workers who lost their jobs will receive severance packages, Bladholm said.
The announcement comes one year after the company rebranded and shortened its name from Erickson Air-Crane.
Executives have restructured the publicly-traded company around four key segments: government; energy; commercial flight services; and manufacturing and maintenance. Bladholm said the moves are the last steps in folding in two 2013 acquisitions: Evergreen Helicopters, of McMinnville, and Air Amazonia Serviços Aeronauticos Ltda., of Brazil.
The company operates a fleet of planes and helicopters used for firefighting, timber harvesting, construction and energy projects. It also contracts with the Department of Defense, but that became less lucrative as the U.S. military wound down combat operations in Afghanistan, according to the company's most recent financial report.
Bladholm said Erickson's global workforce has decreased from 1,200 to 850 in the past year. Over that time, she said the company cut about 50 jobs in Portland and McMinnville. Although the most recent cuts affected other U.S. sites, they were concentrated near Medford, Bladholm said.
She said a significant share of the company's workforce will still be concentrated in Oregon, either at Erickson's manufacturing and repair hubs in Jackson County or at its corporate headquarters in Southwest Portland.
The company announced the layoffs and reorganization shortly before the Nasdaq Stock Market closed for the day. Its stock had been trading up, and increased further after the announcement. Shares closed up 93 cents at $8.62, a gain of 12 percent. The strong trading boosted its market valuation to $114.3 million.
Erickson reported net earnings of $16.9 million during the third quarter of 2014, up from $14.5 million the same time in 2013. It has not yet posted year-end results.
-- Molly Young
I hope that no one we know is affected :sad: