Bombardier and U.K. Government Sign Letter of Intent on CSeries.BELFAST, Ireland -- Bombardier and the Government of the United Kingdom have signed a Letter of Intent (LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items ) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the new CSeries family of aircraft. Under the LOI, the U.K. Government will provide a contribution of Pounds Sterling 180 million as part of an investment partnership for the development of the CSeries aircraft and the location by Bombardier of major work packages at its plant in Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. . The Letter of Intent is the first step that would lead to negotiating a formal agreement which would take effect if the Bombardier Board decides to launch the aircraft. The LOI establishes details of the agreement including the terms and conditions of the financial package and the extent of the work packages to be undertaken at Bombardier Aerospace's plant in Belfast. The work would comprise the development of the wings, engine nacelles and composite empennage empennage: see airplane. structures for the CSeries aircraft family. "The U.K. Government has clearly demonstrated its support for the CSeries programme through this LOI and their proposed active involvement in the programme," said Pierre Beaudoin, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Bombardier Aerospace Bombardier Aerospace is a division of the Bombardier group, with the third largest workforce (behind Boeing and Airbus) and the fourth largest in yearly delivery of commercial airplanes (behind Boeing, Airbus and Embraer). . "This is a very significant milestone as we progress in our discussions with customers and risk-sharing partners before our Board considers a launch decision. The U.K. Government's investment contribution as well as Bombardier's long term commitment to Northern Ireland and our confidence in the skills of our workforce there, strongly influenced our choice of Belfast as the preferred location for these work packages." Michael Ryan, Vice President and General Manager, Belfast, said, "If the CSeries family of aircraft is launched, it would help the research and development of key technologies and capabilities over the next 15 to 20 years that would ensure our Belfast operation remains at the leading edge of aircraft design and manufacture. This contribution from the U.K. Government will help to create or sustain many hundreds of jobs not just in Northern Ireland but throughout our 800 company supply chain in U.K. and Ireland." About Bombardier A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2005 were $15.8 billion US and its shares are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (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. ). News and information are available at www.bombardier.com. Bombardier and CSeries are trademarks of Bombardier Inc. or its subsidiaries. |
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