Oregon company abandons sale
Columbia Helicopters called off its planned sale to a Texas company Monday after the buyer reported “material weakness” in its internal controls over financial reporting.
The would-be buyer, Bristow Group, paid Oregon-based Columbia a $20 million breakup fee.
Columbia and Bristow announced their $560 million deal in November, but it has been in trouble for weeks. Bristow’s stock lost more than two-thirds of its value after it announced the deal for Columbia and investors publicly questioned the company’s ability to finance the transaction.
Bristow delayed reporting its quarterly results without explanation last week. On Monday the company alerted investors that its financial results for its last fiscal year are not reliable.
PFriem brewery plans expansion
PFriem Family Brewers, named last year as the nation’s top midsize brewery, has announced plans to add production capacity that could eventually triple its output as it expects continued growth, prompted in part by the introduction of cans to its distribution system.
The Hood River brewery, which brews about 20,000 barrels a year, anticipates a first phase of growth that would push it to 60,000 barrels annually. The facilities expansion would create capacity that could eventually push pFriem to 80,000 barrels a year.
Cascade Locks would become home to a second pFriem production facility. With space freed, pFriem will add a second, larger brewhouse in the Hood River building. The combined expansion would add 20 full-time employees.