[Avionics Magazine 06-23-2016] Bombardier has entered into a definitive agreement through a previously announced $1 billion investment by the Government of Quebec to create the C Series Aircraft Limited Partnership (CSALP). Under the $1 billion investment, CSALP will be 50.5 percent owned by Bombardier and 49.5 percent owned by the government of Quebec, through its mandatary, Investissement Quebec.
CS100 and CS300 aircraft. Photo: Bombardier.
Bombardier will maintain operational control of the C Series program and consolidate its financial results. Fred Cromer will serve as President of the CSALP, and continue in his current role.
As part of the agreement, the strategic, financial and operational headquarters for the CSALP, along with the assembly, manufacturing, engineering services, and research and development activities of the CSALP, will remain in the Province of Québec for at least 20 years.
Bombardier president and CEO Alain Bellemare said the investment will “accelerate” the program and give it “financial flexibility.” The Canadian airframe manufacturer recently signed its largest C Series order with Delta Air Lines for a $5.6 billion purchase of 75 CS100 aircraft.