Bombardier sells shares to Airbus, good or bad news for Quebec?

Bombardier announced yesterday selling its remaining share in the A220 program to Airbus and instantly people started wondering about the economic impact of the deal on Quebec’s economy.

promises and uncertainties for bombardier workers.

Quebec Premier François Legault promised more than 360 workers at the Montreal borough of Ville St-Laurent plant to keep their jobs secured for the next three years before being transferred to Mirabel. Some experts called the deal “best-case scenario” while others fear the uncertainty of job maintenance for workers. the representative for Quebec division of the international association of machinists and aerospace workers David Chartrand said airbus and partner Stelia intends to keep jobs in Quebec.

3,300 New Jobs Will Come to Quebec After The Deal

Airbus said the deal will provide 3,300 new jobs in Quebec. The deal means Airbus will hold 75% of the shares while the government of Quebec will have the remaining 25%. the union in Quebec is working to make sure workers will still have the same working conditions after the deal.

The deal comes after bombardier announced $1.6 billion US of losses the equivalent to $2.3 CDN in the last quarter only according to the most recent financial statement released by the company.