Bombardier (BBD) has delivered one of its biggest business jet orders to-date, as we round the corner on a difficult year for the transport giant.
The order for 10 Challenger 350 business jets came from an undisclosed firm and continues the company’s move away from its struggling train and commercial airline manufacturing business and into the business jet sector.
The sale will net the company US$267 million (approximately C$343 million), based on this year’s pricing levels.
The company launched the Challenger 350 model around seven years ago, and recently boasted that the business jet can connect New York to Los Angeles or London, and Paris to Dubai in a single trip.
Éric Martel, President and CEO of Bombardier, said the order highlights the tremendous value customers place on the unmatched capabilities of its aircraft.
“Bombardier’s newly refreshed portfolio and growing service network position the company well to respond to growing interest in private aviation and the enhanced safety it provides,” he added.
Looking back over 2020, it’s been a difficult year for Bombardier shares. Trouble with the company’s jetliner program early in the year sent stocks plummeting, only for COVID-19 to emerge in March and flatten the airline industry worldwide.
Despite the company’s pivot in direction, shares have yet to recover and are currently trading around 75 per cent down on its price at the start of 2020.
Meanwhile in trading today, Bombardier is currently up 4.26 per cent and is trading for 49 cents per share at 11:10am EST.