Investment in Bombardier: essential support to protect thousands of jobs

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Added on 29 October 2015 in Press releases

Montréal, October 29, 2015 – The Board of Trade of Metropolitan Montreal applauds the decision of the Government of Quebec to invest $1 billion in Bombardier’s C Series. On Thursday, the company announced a memorandum of understanding with the Government of Quebec which allows for the government to have a stake of up to 49.5% in a limited partnership formed for the purpose.

“This major investment makes it possible to complete the development of the C Series, a structuring project for Bombardier that will help support many jobs both within the company and with suppliers,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “Bombardier is one of the major sources of orders in the aerospace sector and many small businesses depend on its financial good health. So this is a highly strategic investment for the economy of Quebec and Montréal.”

“The government is also sending a clear message by supporting one of the major flagships of the Quebec economy, which has made the province one of the leading aircraft exporters in the world,” Michel Leblanc said. “Aircraft accounted for almost 10% of Quebec’s exports in 2014, a major contribution to the province’s balance of trade. Over the years, Bombardier has been a significant force in the Quebec economy, creating thousands of skilled, well-paid jobs.”

“This investment will allow Bombardier to compete on a more level playing field with important aircraft manufacturers such as Boeing, Airbus and Embraer, which are all supported in one way or another by their country’s public authorities,” Michel Leblanc said. “At this very moment, governments around the world are trying to create local aerospace leaders. So it is essential that we support our national champion. Plus, since the agreement includes keeping the strategic Bombardier head office and its C Series, CS100 and CS300 activities in Quebec for the next 20 years, we can be sure that Greater Montréal will continue to be an international aerospace centre for years to come.”

About the Board of Trade of Metropolitan Montreal

The Board of Trade of Metropolitan Montreal is made up of over 7,000 members. Its mission is to be the voice of Montréal’s business community and to promote the city’s prosperity. It is involved in key areas of economic development, advocating a philosophy of action based on engagement, credibility, proactivity, collaboration, and innovation. The Board of Trade also offers a range of specialized services to individuals and to businesses of all sizes to support them in their growth at home and abroad.

 

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Source: 
Michelle LLambias Meunier
Senior Advisor, Public Relations, and Press Attaché
Board of Trade of Metropolitan Montreal

Phone: 514 871-4000, extension 4042

mllambias@ccmm.qc.ca

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