Canada's Bombardier Inc said on Thursday it would unite its corporate and r...
MONTREAL - Canada’s Bombardier Inc said on Thursday it would unite its corporate and regional jet-making units into a single aviation division, as it continues focusing on its strongest businesses while shedding aerostructure facilities in Belfast and Morocco.
Investors were rattled last week when Bombardier cut its first-quarter and full-year revenue targets for the transportation division, its largest unit, raising concerns over whether it will still meet its 2020 targets of boosting margins and generating $20 billion in revenue. The company said in a statement it was making progress toward completing five long-term rail projects that have been marred in some cases by delivery delays and production problems, but these would take a few more quarters for completion.
Besides creating a single aviation division headed by business aircraft president, David Coleal, the company said it will consolidate its five aerostructures businesses to focus on facilities in Montreal, Mexico and its newly acquired Global 7500 business jet wing operations in Texas. “The concern, particularly after the March debt raise, is whether management remains committed to its longer term 2020 guidance,” said Toronto-based AltaCorp analyst Capital Chris Murray by email.
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