Bombardier Exits Commercial Aviation, Ending Bold Bet On Promising Jet

Bombardier exited commercial aviation on Thursday, selling a loss-making plane programme that ended its high-stakes gamble on a new jet that once drove it to the brink of bankruptcy, Reuters reported. The Canadian plane and train maker sold its minority stake in the A220 jet, formerly known as the CSeries, to Airbus SE (AIR.PA) for $600 million (£460 million), and said it would take a $1.6 billion charge on the programme. Bombardier once threatened to reshape global aviation with the first all-new narrow-body jet in 30 years, triggering a race by major rivals to develop their own new planes. But the $6 billion programme was beset with delays and cost overruns. Read more

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