Inuit company buys controlling stake in Air Labrador
CBC News
Posted: Feb 4, 2012 10:23 AM CST
Last Updated: Feb 5, 2012 12:38 PM CST
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A majority stake in Air Labrador has been purchased by the economic development arm of Nunatsiavut. (CBC)The Inuit goverment in Labrador has bought a controlling stake in an airline that provides many of the flights in the region.
NGC Nunatsiavut Inc., the economic corporation of Nunatsiavut, has bought 51 per cent of Air Labrador.
The deal was announced Friday in Ottawa at the Northern Lights trade convention, which is promoting economic opportunities in Canada's north.
The purchase price was not disclosed.
"The addition of Air Labrador to our family allows the Nunatsiavut Group of Companies to offer integrated transportation and logistics solutions to those wanting to carry out projects in the region," NGC Nunatsiavut president James Thorbourne said in a statement.
Air Labrador president Philip Earle welcomed the transaction, which he said marks "a new beginning for a new partnership which will allow the company to embrace existing and future economic activities within the Labrador Inuit settlement area and the region served by our airline."
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