Canada's rail, commercial plane maker Bombardier declares selling spree over

Source: Xinhua | 2020-02-20

Bombardier Inc., a Canadian multinational plane and train maker, has ended a selling spree in an attempt to reduce its piling debt, and will only focus on business jets in the future, according to the company.

On Monday, the Montreal-based company announced that it had sold its rail business to French transportation giant Alstom in a deal valued at over 8 billion U.S. dollars.

The decision was the latest in a series of business-line departures for the company to sell off parts of its business in less than a week.

On Thursday, the company announced that it would leave commercial aviation business by selling its remaining stake in the Airbus SE A220 program.

Bombardier reported a loss of 1.61 billion dollars in 2019 and incurs an estimated debt of over 9 billion dollars.

Over the past five years, the company has sold its waterbomber business, Q400 turboprop unit, CRJ regional jet franchise and flight training business among other assets.