03:33:17 EDT Fri 17 May 2024
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Bombardier Inc (2)
Symbol BBD
Shares Issued 87,005,015
Close 2023-10-25 C$ 40.88
Market Cap C$ 3,556,765,013
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Globe says Bombardier tells feds, We're still here

2023-10-26 07:16 ET - In the News

The Globe and Mail reports in its Thursday edition that Ottawa is set to spend as much as $10-billion to buy new military surveillance aircraft from U.S. giant Boeing based on "highly flawed and invalid information," says Bombardier chief executive officer Eric Martel. The Globe's Nicolas Van Praet writes that the move is short-sighted and will hurt the country as Bombardier and other domestic players try to build out their defence potential in the years ahead, he insists. Mr. Martel told The Globe that Ottawa appears to have made up its mind to purchase Boeing's P-8A Poseidon reconnaissance jets in a sole-source contract without a formal request for proposals. He said his company understands the government intends to invoke a national-security exception in its decision to speed up the transaction and avoid exposing itself to legal challenges. "I think we were misled," Mr. Martel said of the government's procurement process. "Other countries are knocking on our door today because they see ours as the product of the future, which is a bit mind-boggling considering that in our own country right now we're not even being considered." The government wants to find a replacement for the military's CP-140 Aurora planes.

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