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14-Feb-2020 11:50 AM

Bombardier completes its exit from commercial aerospace sector

Bombardier reported (13-Feb-2020) its decision to sell its stake in the A220 partnership to Airbus and the Government of Quebec completes its exit from commercial aerospace, a significant undertaking. In 2016, Bombardier's commercial aerospace business lost approximately USD400 million and was consuming approximately USD1 billion in cash. Bombardier stated addressing this "challenging portfolio was a fundamental step" in its turnaround plan. Bombardier president and CEO Alain Bellemare said: "We are incredibly proud of the many achievements and tremendous impact Bombardier had on the commercial aviation industry. We are equally proud of the responsible way in which we have exited commercial aerospace, preserving jobs and reinforcing the aerospace cluster in Québec and Canada". [more - original PR]

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