Airbus to buy rest of Bombardier interest in A220 newcomer jet program

European planemaker Airbus has reached a understanding to buy a remaining seductiveness of Canadian craft and sight builder Bombardier in a A220 newcomer jet program, it pronounced on Thursday.

The understanding signals Bombardier’s exit from blurb aviation by transferring a remaining seductiveness in Airbus Canada to a categorical primogenitor Airbus SE association and a supervision of a Canadian state of Quebec.

Bombardier will accept $591 million, net of adjustments, and will no longer have destiny appropriation collateral mandate to Airbus Canada. The understanding will secure some-more than 3,300 Airbus jobs in Quebec, a companies added.

Bombardier combined that a transaction would also assistance a association – that faced a money break in 2015 — urge a altogether financial position.

“This transaction supports the efforts to residence the collateral structure and completes the vital exit from blurb aerospace,” pronounced President and Chief Executive Alain Bellemare.

Sources have told Reuters that Bombardier’s rail section might also be sole to French organisation Alstom ALSO.PA, nonetheless any understanding between Alstom and Bombardier has nonetheless to be finalised.