Airbus has teamed up with the Quebec government to buy Bombardier's 33.5% s...
PARIS - Airbus has teamed up with the Quebec government to buy Bombardier’s 33.5% stake in the A220 passenger jet program, completing the Canadian firm’s exit from civil aviation and boosting Airbus’s position in a new battleground with Boeing.
FILE PHOTO: An Airbus A220-300 aircraft flies during its unveiling in Colomiers near Toulouse, France, July 10, 2018. Airbus A220 is the new brand for the small CSeries passenger jet acquired from Canada's Bombardier. REUTERS/Regis Duvignau/File Photo Under the terms of Thursday’s deal, Airbus’s stake in the A220 program - known as Airbus Canada - increases to 75% from 50.1%, while Quebec’s holding rises to 25%.
In taking the larger holdings, the European aerospace group and Canadian province will be assuming Bombardier’s BBDd.TO share of A220 ramp-up costs, while Bombardier will receive $591 million net of adjustments. The deal will secure more than 3,300 Airbus jobs in Quebec, the companies added. The A220, previously known as the CSeries, is a 110-130 seater aircraft, targeted at regional aviation markets and a little smaller than Airbus’s mainstay A320 jet.
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