Airbus to acquire majority stake in Bombardier’s C Series jet July 1
Posted June 7, 2018 11:39 pm.
Last Updated June 7, 2018 11:44 pm.
This article is more than 5 years old.
MONTREAL (NEWS 1130) – Following a process that started in October 2017, there is now a date for Airbus to acquire a majority stake in Bombardier’s C Series Aircraft, according to a release from the Toulouse-based manufacturer.
Airbus writes that they’ve received all necessary regulatory approvals to close the transaction, and will take that stake on July 1st of this year.
The headquarters for the operation, including the primary assembly line, will be in Mirabel, Quebec.
Another assembly plant will be located in Mobile, Alabama.
“Airbus will work with its partners Bombardier and IQ to fully unlock the C Series’ potential and create significant new value for customers, suppliers, employees, shareholders and the communities in which the partnership operates,” Airbus writes in a news release announcing the date.
The C Series appeared to be in a tail spin initially, requiring a cash infusion from Ottawa and Quebec, which prompted a complaint from Boeing.
Chicago-based Boeing complained that the airplane was benefiting from illegal aid, bringing about a sizable import duty that was sure to doom the project.
However, the International Trade Commission ruled that the plane didn’t cause any injury to American-built aircraft and blocked the duty.
Boeing did not appeal that decision.
The jet typically seats between 130 and 160 people and has a range of nearly 6,000 kilometres.
