MONTRÉAL, 3 Nov. 2015. The Québec government established a limited partnership with Bombardier to carry out the CSeries program, investing $1 billion in exchange for a 49.5 percent stake in the new company.
"This announcement demonstrates the importance the government attaches to the CSeries and its significance to the development of Québec's aerospace industry," says Suzanne Benoît, president and chief executive officer of Aéro Montreal, Québec's aerospace cluster. "Bombardier is the flagship company for the aerospace industry in Québec and Canada. Supporting it is necessary to maintain quality jobs in Québec.
“The government's investment comes at a strategic time in the development of the CSeries program and will reassure all stakeholders in Québec's aerospace supply chain,” Benoît adds. “Among others, maintaining manufacturing activities and Bombardier's engineering services in Quebec will help spark renewed optimism among the industry, as well as among all the workers and students who are developing or want to develop in this sector."
By becoming a partner of the company, the Québec government is making a long-term investment in the CSeries program, which employs roughly 1,700 workers across the province.
Research and development (R&D) is a key driver for maintaining the Québec aerospace industry's position as a world leader. This sector represents 70 percent of total Canadian R&D investments and a quarter of the Greater Montréal's aerospace workforce. The Québec Investment is therefore vital over the long term to ensure the region's economic growth.
Created in 2006, Aéro Montréal is a strategic think tank that groups all the major decision makers in Québec's aerospace sector, including companies, educational and research institutions, as well as associations and unions.
Aéro Montréal's mission is to mobilize Québec's aerospace cluster with a view to increasing its growth and expansion on the global scene. Its vision is to become a benchmark in global aerospace. To do so, it champions the following values: excellence, engagement, collaboration, versatility, and innovation.
For the full story, read:
- Bombardier cancels Learjet 85, suffers $4 billion loss, gains $1 billion investment
- Bombardier bailout: Quebec invest $1 billion in C Series aircraft program
- Aéro Montréal applauds Québec-Bombardier partnership on CSeries
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