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article imageBombardier seals vital deal on C Series jets

By Justin Crann     Jun 1, 2011 in Business
Toronto - Canadian aircraft manufacturer Bombardier Aerospace has closed the books on a US$665 million deal for 10 of its new C Series jets, snapping a 15-month cold streak.
Swedish airline Braathens Aviation purchased five CS100 and five CS300 jets, with the option to purchase ten more jets at an additional cost of US$705 million, according to a press release issued by Bombardier on Wednesday.
The order is the first for Bombardier's C Series jets since Republic Airways Inc. placed a US$3.1 billion order for 40 of the planes last February.
The deal is a welcome change of pace for the company, which had been attributing the C Series' poor sales performance to a slowly recovering economy.
It is also good news for Bombardier's Mirabel plant, after Bombardier President Guy Hachey told reporters that sales over the next three months will determine whether it will have to lay off any employees.
Bombardier had more good news for investors with the announcement that its profit had risen considerably in the first quarter of 2011.
Both announcements together fueled a small surge in the value of the manufacturer's stock, which closed out the day at C$6.95 a share, up 20 cents.
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