Bombardier Announces Sale of its Military Aviation Services Unit.Business Editors MONTREAL--(BUSINESS WIRE)--June 10, 2003 Bombardier Inc. today announced the sale of its Military Aviation Services (MAS) unit to Spar Aerospace SPAR Aerospace, a Canadian aerospace company, led the development of the Canadarm for the NASA Space shuttle program. There, employees worked on projects ranging from flying saucers to dinosaurs. Limited, a subsidiary of New York-based L-3 Communications
L-3 Communications Holdings, Inc. (NYSE: LLL) is a company that supplies command, control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems and Corporation, for a total consideration of $90 million US. L-3's Canadian presence was established in 2001 when it purchased SPAR Aerospace. MAS was part of Bombardier's Defence Services business and was earmarked for divestiture as part of Bombardier's recapitalization program, which was announced on April 3, 2003. BMO Nesbitt Burns  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . acted as Bombardier's financial advisors for this transaction. The transaction is subject to the approval of all appropriate regulatory authorities and to other consents from government bodies in Canada and the U.S. The MAS division of Bombardier's Defence Services business, which employs approximately 950 people, provides maintenance, repair, overhaul and a full range of technical services for military aircraft, from systems engineering to aircraft modification, and generated revenues of approximately $125 million Cdn in fiscal year 2003. MAS has been the prime contractor for CF-18 maintenance since 1986. MAS main facilities are located in Mirabel, Quebec and Bridgeport, West Virginia Bridgeport is a city in Harrison County, West Virginia, United States. The population was 7,306 at the 2000 census. The town of Bridgeport had its beginning in pre-Revolutionary War times. In 1764, John Simpson entered the area and gave his name to Simpson Creek. . Bombardier's Defence Services business was comprised of MAS and Military Aviation Training (MAT). The divestiture process of MAT is ongoing. Bombardier Inc., a diversified manufacturing and services company, is a world-leading manufacturer of business jets, regional aircraft, rail transportation equipment and motorized mo·tor·ize tr.v. mo·tor·ized, mo·tor·iz·ing, mo·tor·iz·es 1. To equip with a motor. 2. To supply with motor-driven vehicles. 3. To provide with automobiles. recreational products. It also provides financial services and asset management in business areas aligned with its core expertise. Headquartered in Montreal, Canada, the Corporation has a workforce of some 75,000 people and manufacturing facilities in 25 countries throughout the Americas, Europe and Asia-Pacific. Its revenues for the fiscal year ended Jan. 31, 2003 stood at $23.7 billion Cdn. Bombardier shares are traded on the Toronto, Brussels and Frankfurt stock exchanges Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. (BBD BBD In currencies, this is the abbreviation for the Barbados Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , BOM and BBDd.F). |
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