Bombardier to Delay CSeries Jet by Six Months |
| Wall Street Journal - Nov 7, 2012 |
Bombardier Inc. BBD.B.T -3.60%said Wednesday it is delaying the first flight and first delivery of its new CSeries jetliner by six months.
While the move was widely expected in the industry, Bombardier had remained tight-lipped about its schedule. The Montreal-based maker of planes and trains disclosed the delay as it reported mixed third-quarter results.
In early afternoon trading, Bombardier shares were down 14 Canadian cents, or 3.9%, at 3.47 Canadian dollars on the Toronto Stock Exchange. (The U.S. and Canadian dollars are trading roughly at parity.)
The CSeries is crucial to Bombardier if it is to remain competitive in commercial aviation. Bombardier is the world's biggest business-jet maker. But it is the world's third-largest jet manufacturer overall, well behind Boeing Co. BA -2.60%and European Aeronautic Defence & Space Co.'s EAD.FR -0.75%Airbus unit.
The CSeries brings Bombardier into direct competition with some of the smaller jets made by its two bigger rivals. Bombardier has pegged program development costs at some $2 billion, to be shared by suppliers and governments, including those of Canada and the U.K., where it has plants.
Read Full Article from Wall Street Journal
- Posted: 2012-11-07 14:37:59
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