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Bombardier sells regional jet business to Japanese firm Mitsubishi

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MONTREAL — Bombardier Inc. has signed a deal to sell its regional jet program to Mitsubishi Heavy Industries Ltd.

Under the deal, Mitsubishi will pay US$550 million in cash and assume liabilities totalling about US$200 million.

The Japanese company will acquire the maintenance, support, refurbishment, marketing and sales activities for the CRJ Series aircraft.

The agreement includes the related services and support network located in Montreal and Toronto and its service centres in Bridgeport, WVa., and Tucson, Ariz.

The CRJ production facility in Mirabel, Que., will remain with Bombardier.

Bombardier will also continue to supply components and spare parts and will assemble the current CRJ backlog.

Companies in this story: (TSX:BBD.B)

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