Erickson Air-Crane applies for listing

US heavy lift helicopter company Erickson Air-Crane Inc has applied for an initial public offering of up to US$75 million in shares.

Oregon-based Erickson builds and operates the Air-Crane S-64 heavy-lift helicopter, which lifts 25,000 pounds 11.3 tonnes. Jack Erickson, who started the company in 1971, said it will apply to list its common stock on The NASDAQ global market. Proceeds would be used to manufacture the S-64 helicopters and pay down debt.

Net revenue in 2009 was up 5% to $149.62 million from $141.92 million in 2008 and net income in 2009 was up 19% to $12.29 million from $10 million in 2008.