Wednesday, July 24, 2024
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Airbus and the Government of Quebec are jointly investing US$1.2 billion in Airbus Canada Limited Partnership (Airbus Canada), reflecting their respective ownership shares and extending their partnership until 2035. This investment focuses on the industrialization and continuous improvement of Quebec’s sole commercial aircraft program, the A220, which is crucial for its success. The economic benefits from Airbus and the A220 will continue to positively impact the Quebec economy.
The announcement was made today at a press conference at the A220 site in Mirabel, attended by Premier François Legault, Minister of Economy, Innovation and Energy Pierre Fitzgibbon, Minister Responsible for Regional Economic Development and the Metropolis and Montreal Region, Sylvie D’Amours, Member of the National Assembly for Mirabel, and Lucie Lecours, Member for Les Plaines.
Airbus holds 75% of the shares in Airbus Canada, while the Government of Quebec holds 25%. Accordingly, Airbus will invest up to US$900 million, and the Government of Quebec will invest up to US$300 million through Investissement Québec. The shareholders also agreed to extend the redemption date for the Government of Quebec’s equity interest from 2030 to 2035, allowing Airbus Canada more time to enhance the value of the A220 program, with a target of delivering 14 aircraft per month by 2026.
“I am very proud to announce a new investment by our government in the Airbus A220 programme, a Quebec-designed aircraft which is the best in the world in its category. Today, we are consolidating the presence of Airbus, an aerospace giant, in a sector that creates enormous wealth for our nation. We are building a strong, prosperous and forward-looking economy in Quebec,” declares François Legault, Premier of Quebec.
“The A220 is the fruit of Quebec genius, and we can be proud of having developed one of the best aircraft in the world. By extending our partnership with Airbus to accelerate activities around the development of the A220 aircraft, we are securing key jobs in the Mirabel region for years to come,” says Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montreal Region.
“Since Airbus joined the partnership with the Government of Quebec in 2018, we have made a considerable investment in the A220 programme, in order to give this aircraft all the industrial fundamentals, processes and skills that will ensure all the success it deserves. We strongly believe in the future of the A220, one of the most technologically advanced aircraft, which is already recognized by airlines for its economic performance and reduced carbon footprint, and is also a favourite with passengers because of its innovative cabin design. Quebec has an outstanding labour force and aerospace ecosystem, and therefore has everything needed to ensure the full potential of the A220 programme,” expressed Benoît Schultz, CEO of Airbus Canada.
