December 3, 2010 ByCarey Fredericks
Dec. 3, 2010, Toronto - Vector Aerospace Corporation announced today that Vector's Board of Directors has commenced a review of strategic alternatives with the objective of enhancing shareholder value.
A special committee of Vector's Board of Directors has been established to oversee such review and has retained Scotia Capital Inc. as its financial advisor.
The alternatives being considered include a potential sale of the outstanding shares of the Corporation. The special committee is in the process of evaluating preliminary expressions of interest it has received from a number of parties interested in such a transaction. However, there can be no assurance that the strategic review or any expressions of interest received to date will result in the consummation of any agreement or transaction.
Vector is an independent provider of aviation repair and overhaul services. Through facilities in Canada, the United States, the United Kingdom and Africa it provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. Principal operations include, Vector Aerospace Helicopter Services-North America, Vector Aerospace International Limited – UK, Vector Aerospace Engine Services – Atlantic and Vector Aerospace Engine Services – UK. It also provides information technology solutions to an international customer base. Vector has approximately 2,500 employees.