PORTLAND, Ore., 10 Sept. 2013. Erickson Air-Crane Inc. (NASDAQ:EAC) has acquired Air Amazonia Serviços Aeronauticos Ltda. and certain related assets from HRT Participações em Petróleo S.A.
The acquisition provides Erickson with a five-year aerial services agreement (including annual renewals) with a minimum revenue of $29 million per year and significant operating infrastructure in Brazil, including six new aircraft, two ground facilities, 59 new employees, and repair station certification.
Erickson also gains the right of first refusal to purchase any or all of HRT’s remaining eight aircraft over the next 12 months, as well as the right of first refusal on all helicopter services in Brazil from HRT.
“We are very pleased to complete this important acquisition which will support our growth and enhance our competitive position in South America,” describes Erickson Chief Executive Officer Udo Rieder. “In addition to adding HRT as a significant customer, we have significantly accelerated our ability to offer a comprehensive array of services to other existing and new customers throughout the region. We will start repositioning existing aircraft from our fleet to Brazil to meet the anticipated increase in demand from existing and potential future customers.
“This acquisition and our recent purchase of Evergreen Helicopters have positioned us to serve a diverse range of customers, across many end-markets,” Rieder adds.