Bombardier to make a ‘positive’ announcement this week, says Quebec minister

Bombardier to make a ‘positive’ announcement this week, says Quebec minister
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MONTREAL — Quebec Economy Minister Pierre Fitzgibbon says “positive” news for the province will likely be announced Thursday by Bombardier when the aircraft and train manufacturer releases its financial results.

The minister says he has read “all the information” but that he is “not comfortable talking about it yet,” opting to leave the announcement to the company.

Fitzgibbon, asked Wednesday if jobs would be maintained in Quebec, replied that he believed “there will be good news,” without stating whether the province would again provide financial support to the multinational company.

The provincial government has already signalled that it has no plans to inject more money into the A220 program — formerly Bombardier’s C Series — which is now controlled by Airbus. Instead, Premier Francois Legault says the goal is to protect the government’s US$1-billion investment in the A220 in 2016.

Bombardier, which is the subject of several rumours about its future, will detail its performance in the fourth quarter and for the year 2019 on Wednesday after warning last month that is was considering alternatives to reduce debt.

The Montreal-based company is said to be negotiating with Airbus to sell its share in the Airbus Canada Limited Partnership. There have also reportedly been talks with the Rhode Island-based Textron regarding the sale of its business jet division, which is very active in Quebec.

On Wednesday, the French news outlet BFM also reported that Alstom was preparing to finalize an offer to acquire Bombardier Transportation, a division that the Caisse de depot et placement retains a 30 per cent stake in.

This report by The Canadian Press was first published Feb. 12, 2020.

Companies in this story: (TSX:BBD.B)

The Canadian Press

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