Newspaper article International New York Times

Bombardier Will Get $1.5 Billion from Quebec Fund

Newspaper article International New York Times

Bombardier Will Get $1.5 Billion from Quebec Fund

Article excerpt

The Quebec fund will buy a one-third stake in Bombardier's rail unit as it tries to compete with major airliners in its aerospace division.

Just weeks after Bombardier said it would receive a $1 billion bailout from Quebec, the company said Thursday that the province's pension fund was buying a one-third stake in its train and transit equipment operation for $1.5 billion.

Bombardier, an aerospace manufacturer, has been seeking to compete directly with Boeing and Airbus in the airliner business. With its new single-aisle planes, the CSeries airliners, the company is trying to move beyond the regional and business aircraft market.

But the project has been troubled by delays, cost overruns and a dearth of orders, leaving Bombardier in a cash squeeze. In labor negotiations with its workers in Northern Ireland, Bombardier recently said it was facing a "serious financial crisis. …

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