Illinois-based Northstar Aerospace (TSX: NAS), a manufacturer of helicopter gears and transmissions, said today that its board has appointed a special committee to explore and evaluate strategic alternatives in order to enhance shareholder value.
Gordon Flatt, chairman of the special committee, said, "We believe that this is an opportune time for Northstar to explore alternatives for enhancing shareholder value.”
“However, as we participate in this process, we will continue to focus on the long-term initiatives and operating strategies previously identified to ensure continued growth opportunities for the Company."
The manufacturer has struggled to stay profitable in the last few years. From 2006-2009, the manufacturer has only recorded a profit in 2009. In 2009, the company earned $3.5 million on revenues of $194 million.
The firm has retained Harris Williams & Co. to serve as its financial advisor.
After the company’s shares resumed trading, which were halted before the news release, the share price rallied 5% to trade at $2.10 as of 3:12 pm ET. The company’s share price has doubled in the last year.