Canadian Bombardier sells train-making division to French Alstom
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E-mail Xinhua, February 18, 2020
MONTREAL, Canada, Feb. 17 (Xinhua) -- Canadian company Bombardier announced Monday it has agreed to sell its transportation unit to French company Alstom for a price of 8.2 billion U.S. dollars.
The agreement came a few days after Montreal-based multi-national Bombardier announced the sale of its C-series program to Airbus at a price of 600 million U.S. dollars last Thursday to help pay down 9.3 billion U.S. dollars in debt.
"We are confident that the sale of our rail business to Alstom is the right action for all stakeholders," Bombardier President Alain Bellemare said. "Above all, they recognize our talented and passionate employees and the great work they have done."
Bombardier Transportation, based in Berlin, makes high-speed rail cars, tramways and subway trains.
The deal is expected to close in the first half of 2021.
Bombardier has been struggling to recover from a massive debt load in past few years. It has sold off its water-bomber business, the turbo prop program, its aviation-training simulator business and the C-series program.
The sale of the rail division leaves the once multi-faceted giant with only its executive jet division remaining. Enditem
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