MONTREAL (Reuters) – Canada’s Bombardier Inc on Thursday shied away from pledges to meet 2020 financial objectives, and shares of the train and plane manufacturer sank as much as 10 percent in morning trading, as company cited headwinds in its rail division and announced new restructuring efforts.
FILE PHOTO: Logo of Bombardier is seen at an office building in Zurich, Switzerland February 28, 2019. REUTERS/Arnd Wiegmann
The plane-and-train maker said it would unite its corporate and regional jet units into one aviation division while selling off two aerostructures operations including a wing-making facility in Belfast.
Chief Executive Officer Alain Bellemare called the steps “a strategic move,” as the company continues to shed its commercial aviation businesses to focus on more profitable sales of corporate jets and