Bombardier and the Government of the United Kingdom have signed a Letter of Intent (LOI) relating to the new CSeries family of aircraft. Under the LOI, the U.K. Government will provide a contribution of £180 million as part of an investment partnership for the development of the CSeries aircraft and the location by Bombardier of major work packages at its plant in Northern Ireland.
The Letter of Intent is the first step that would lead to negotiating a formal agreement which would take effect if the Bombardier Board decides to launch the aircraft. The LOI establishes details of the agreement including the terms and conditions of the financial package and the extent of the work packages to be undertaken at Bombardier Aerospace's plant in Belfast. The work would comprise the development of the wings, engine nacelles and composite empennage structures for the CSeries aircraft family.
"The U.K. Government has clearly demonstrated its support for the CSeries programme through this LOI and their proposed active involvement in the programme," said Pierre Beaudoin, President and Chief Operating Officer, Bombardier Aerospace. "This is a very significant milestone as we progress in our discussions with customers and risk-sharing partners before our Board considers a launch decision. The U.K. Government's investment contribution as well as Bombardier's long term commitment to Northern Ireland and our confidence in the skills of our workforce there, strongly influenced our choice of Belfast as the preferred location for these work packages."
Michael Ryan, Vice President and General Manager, Belfast, said: "If the CSeries family of aircraft is launched, it would help the research and development of key technologies and capabilities over the next 15 to 20 years that would ensure our Belfast operation remains at the leading edge of aircraft design and manufacture. This contribution from the U.K.
Government will help to create or sustain many hundreds of jobs not just in Northern Ireland but throughout our 800 company supply chain in U.K. and Ireland."
A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2005 were $15.8 billion US and its shares are traded on the Toronto Stock Exchange (BBD). News and information are available at www.bombardier.com.
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