27 October 2020: Bombardier has entered into an amended definitive agreement with Spirit AeroSystems. This agreement is in sync with Bombardier’s strategic decision to reposition itself as a pure-play business aircraft company. Therefore Bombardier will sell its aerostructures business to Spirit AeroSystems. The transaction is set to be completed by the end of October.
“Today’s announcement marks another milestone towards achieving our strategic goal of repositioning Bombardier as a pure-play business jet company,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “We are very excited about our future as a more focused Company. The proceeds from this transaction and from the pending sale of Bombardier Transportation strengthen our liquidity and position us to begin reshaping our capital structure and address our balance sheet challenges so that we can achieve the full potential of our incredibly talented employees and our industry leading business jet portfolio.”
Under the amended agreement, Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK Casablanca ,Morocco; and its aerostructures maintenance, repair and overhaul (MRO) facility in Dallas, US for cash consideration of USD 275 million, Spirit’s assumption of liabilities, including government refundable advances and pension obligations, valued at USD 824 million, as well as certain adjustments to the parties’ trading agreements favourable to Bombardier.
