Business
Bombardier reports $1.6B US loss for 2019, sells remaining stakes in A220 program Quebec
Quebec aerospace giant Bombardier reported a $1.6 billion US loss for 2019 on Thursday, shortly after it announced that it’s leaving the commercial aviation business.
The multinational corporation said late Wednesday that it sold its remaining stake in the A220 program — formerly known as the C Series — to Airbus.
Bombardier has been re-organizing its business in an effort to pay off a multibillion-dollar deficit. It released its financial results for 2019 on Thursday.
Under the deal, Airbus now owns a 75 per cent stake in the commercial jet program. The Quebec government, which is not injecting any new money into the program, owns 25 per cent.
Airbus, which also acquired the A220 and A330 work package production capabilities from Bombardier, will pay Bombardier $591 million US. Bombardier will no longer be required to make investments of approximately $700 million US in the commercial jet program.
The deal also includes a three-year guarantee of the jobs belonging to 360 people who construct the plane’s cockpits at the plant in the Montreal borough of Ville Saint-Laurent. After that, they will be transferred to Mirabel, Que.
In all, Airbus said the deal secures a total of 3,300 jobs in Quebec.
Bombardier said in January that it was “reassessing its ongoing participation” in its partnership with Airbus to manufacture the A220.
Despite the Quebec government’s $1.3 billion investment in the C Series in 2016, sales of the planes were initially slow, leading Bombardier to sell a controlling stake of the C Series program to Airbus in 2018 for $1.
While A220 orders have since started rolling in, Bombardier would need to inject more money into the program to ramp up production.
Premier François Legault has ruled out investing more government money in the A220 program, but Quebec Economy Minister Pierre Fitzgibbon said that he wants to protect Quebec’s investment in the plane.
Business
All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store
Product Name: All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
Business
Turn Your Wife Into Your Personal Sex Kitten
Product Name: Turn Your Wife Into Your Personal Sex Kitten
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
Turn Your Wife Into Your Personal Sex Kitten is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
Business
CPC Practice Exam
Product Name: CPC Practice Exam
Click here to get CPC Practice Exam at discounted price while it’s still available…
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
CPC Practice Exam is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
-
News22 hours ago
Defying Convention to Deepen Connections: Booking.com’s 8 Travel Predictions for 2025
-
Sports8 hours ago
In The Rings: Curling Canada still looking for Canadian Curling Trials title sponsor
-
News8 hours ago
After hurricane, with no running water, residents organize to meet a basic need
-
Politics9 hours ago
N.B. election debate: Tory leader forced to defend record on gender policy, housing
-
News8 hours ago
Alberta government shifts continuing care from Health to Seniors Ministry
-
News8 hours ago
Buhai, Green and Shin lead in South Korea after 8-under 64s in first round
-
News8 hours ago
Manitoba government halts school building plan, says other methods will be found
-
News8 hours ago
‘Significant overreach’: Ontario municipalities slam province over bike lane rules