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HNZ Group Inc. (HNZ) announced that the operations carried out by Norsk Helikopterservice AS (Norsk), a Norwegian entity in which the corporation holds a 49.9 percent interest, ceased on June 30, 2017.
“Norsk has encountered various challenges in the Norwegian market, and our investment in Norsk has not performed as we had hoped,” said Don Wall, president and chief executive officer of HNZ. “After considering the results and prospects of this investment, we have decided to focus our efforts on other aspects of HNZ’s strategic plan.”
Norsk has implemented an orderly wind-up process including the termination of employees, the return of a leased aircraft to the lessor and settling of other matters, while Norsk’s majority shareholder evaluates their options.