Also: Bombardier to sell Belfast, Morocco factories; suspends financial targets for 2020
Bombardier to sell Belfast, Morocco factories; suspends financial targets for 2020in Morocco and Northern Ireland and suspending financial targets for 2020, in the fourth year of a five-year turnaround . The shares fell 5 per cent today in Toronto to $2.22.
The move highlights chief executive Alain Bellemare’s effort to reduce costs and position Bombardier for the future by selling parts of the business he sees as having the least growth potential.to end Bombardier’s dual class share structure and remove the control of the founding family. Although CPPIB is one of Bombardier’s 25 biggest shareholders, the proposal by investor rights group Médac is likely to fail.
He noted the company is undergoing an organizational revamp, combining its oil and gas business with its mining unit as part of a cost-reduction program. Meanwhile, Spain’s largest construction company, Ferrovial, and Canada’s biggest pension plan, CPPIB, are in Ontario’s Highway 407 by trumping a $3.25-billion offer for SNC-Lavalin Group’s holding in the toll road by OMERS pension plan.Greater Montreal has been among the regions most affected by this year’s spring floods, which also wreaked havoc in other parts of Quebec, Ontario and New Brunswick. The Globe and Mail obtained recent satellite images of extensively flooded neighbourhoods. Check out theThis is the daily Evening Update newsletter.
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