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Bombardier Plane division gone

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just read that Alstom deal should be finalized today

 

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TAXPAYERS FEDERATION REACTS TO BOMBARDIER SALE OF COMMERCIAL AIRCRAFT DIVISION

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OTTAWA, ON: Canadian Taxpayers Federation Federal Director Aaron Wudrick released the following statement in response to today’s announcement that Bombardier has sold its remaining stake in the A220 partnership with Airbus:

“It’s good to see Bombardier making tough decisions to move forward and the best part is that Canadian jobs are being safeguarded without another huge bailout from taxpayers.

“For more than half a century Canadian governments have been subsidizing Bombardier to the tune of billions of dollars. At most, it’s only delayed the inevitability of tough decisions like the one today.

“We are pleased to see that at long last, governments are recognizing that this approach is wasteful and unfair to taxpayers. By allowing Bombardier to sell off unprofitable assets, the company is finally being treated like any normal businesses in the marketplace.

“For too long, the justification for every taxpayer bailout has been the protection of jobs. It is notable that part of today’s announcement does not mention any job losses, instead confirming that employees connected to the A220 and A330 projects will be transferred to Airbus.

“We encourage the federal government to ensure the company repays all outstanding loans to Canadian taxpayers, and wish Bombardier all the best as it reinvents itself as a viable, profitable private enterprise.”

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My question is what happens to the $$$$$$ loans that Bombardier is / was to pay back  

Bombardier reaches deal to sell rail division to Alstom

BY CINDY WHITE WITH FILES FROM THE CANADIAN PRESS

Posted Feb 17, 2020 7:53 am MST

 

Last Updated Feb 17, 2020 at 10:53 am MST

 
 
Courtesy: Bombardier.com
 
 

MONTREAL — Bombardier Inc. says it has reached a deal to sell its transportation unit to France’s Alstom SA.

The deal has an enterprise value of US$8.2 billion.

The deal marks a major shift in Bombardier’s turnaround plan as the plane-and-train maker would cast off its problem-plagued largest division and commit itself solely to business jets, in part to help pay down more than US$9 billion in debt. It recently sold off its interest in the Airbus A220.

 

Airbus and the Government of Québec become sole owners of the A220 Programme as Bombardier completes its strategic exit from Commercial Aviation. The whole story here --> http://bit.ly/39Aimjw 

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The purchase is also seen as an effort by Alstom to take on rising competition from China’s state-owned CRRC, the world’s largest train maker.

The deal is expected to come under intense scrutiny from antitrust regulators in the European Union. Last year, EU authorities blocked a proposed merger between Alstom and the train division of German industrial conglomerate Siemens AG, arguing the proposed tie-up would result in higher price tags on signalling systems and bullet trains.

Montreal-based Bombardier has sold several divisions since CEO Alain Bellemare took the helm in 2015, including its turboprop and aerostructure segments as well as its commercial airline unit, once touted as the company’s crown jewel.

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When I was employed there the Stock split TWICE at just over $30.  Now its peanuts.

This could have been a great company for years to come if it wasn't for horrible management.

 

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