Bombardier sells A220 stake
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Airbus swings to 2019 net loss

Delta Air Lines A220, © Airbus

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TOULOUSE - Airbus plunged to a 1.362 billion Euro net loss in 2019, weighed down by a multinational bribery settlement, but the European aerospace group pledged to increase operating profit and deliver 880 commercial jets this year. In separate news, Airbus will buy Bombardier`interest in the A220.

Full-year adjusted operating income rose 19 percent to 6.946 billion Euros and should top 7.5 billion euros in 2020, Airbus said. Revenue increased 11 percent to 70.478 billion Euros.

The net loss reflected a 1.212 billion Euros charge on the troubled A400M military transporter programme as well as the 3.6 billion Euro provision announced last month to cover a criminal settlement with British, French and U.S. prosecutors relating to past corrupt practices.

As Airbus confirmed Thursday, the company has reached a deal to buy the remaining stake of Canadian plane and train maker Bombardier in the A220 passenger jet program, it said on Thursday.

The deal signals Bombardier’s exit from commercial aviation by transferring its remaining interest in Airbus Canada to the main parent Airbus SE company and the government of the Canadian state of Quebec.

Bombardier will receive $591 million, net of adjustments, and will no longer have future funding capital requirements to Airbus Canada. The deal will secure more than 3,300 Airbus jobs in Quebec, the companies added.

Bombardier added that the transaction would also help the company - which faced a cash crunch in 2015 - improve its overall financial position. “This transaction supports our efforts to address our capital structure and completes our strategic exit from commercial aerospace,” said President and Chief Executive Alain Bellemare.

Sources have told Reuters that Bombardier’s rail unit may also be sold to French group Alstom, although any deal between Alstom and Bombardier has yet to be finalised.
© Reuters, | Abb.: Andreas Spaeth, Airbus | 13.02.2020 07:46

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