#Quebec; #Bombardier; #BombardierLost$1.6BillionUSIn2019; #Airbus
Quebec, Jan 13 (Canadian-Media): An announcement Thursday by Quebec aerospace giant Bombardier said about its decision to leave commercial aviation business after it reported a loss of $1.6 billion US in 2019, according to the release of its financial results for 2019 on Thursday, media reports said.
Bombardier. Image credit: Twitter handle
In an effort to pay off a multibillion-dollar deficit Bombardier had sold its remaining stake in the A220 program to Airbus, formerly known as the C Series.
This resulted in Airbus owning a 75 percent stake in the commercial jet program, while the Quebec government owns 25 percent.
Following the take over of the A220 and A330 work package production capabilities from Bombardier, Airbus would be paying $591 million US Bombardier, while Bombardier stop investing approximately $700 million US in the commercial jet program.
Included in the deal, Airbus said there was a three-year guarantee of the jobs of 360 constructor workers of the plane's cockpits of the Montreal borough of Ville Saint-Laurenthe, thereby securing the a total of 3,300 jobs in Quebec.
Meanwhile, Quebec Economy Minister Pierre Fitzgibbon's willingness to protect Quebec's investment in A200 program has been ruled out by Quebec's Premier François Legault.