State-owned aerospace corporation seeks to privatize

(Alaska Aerospace Corporation)
(Alaska Aerospace Corporation)

The president and CEO of the Alaska Aerospace Corp. says the board of the state-owned corporation has recommended it pursue becoming a private company.

Craig Campbell says the recommendation has been delivered to Gov. Bill Walker. Campbell says state law would have to be changed to allow the shift.

Campbell says he considers it an expectation that once the corporation becomes profitable the state be repaid for investments it made in the corporation.

Campbell says the corporation will be profitable by year’s end. It has focused on diversifying from rocket launches for the government.

Terms and a timeline for repaying the state remain undetermined.

The corporation announced Monday that it’s opening an office in Huntsville, Alabama, a hub for aerospace companies. Campbell says the corporation has clients there.