Bombardier sells jet division to Mitsubishi for $550 million

Canadian manufacturer Bombardier announced Tuesday the sale of its CRJ Series regional jet program to Japan’s Mitsubishi Heavy Industries (MHI) for US$550 million, effectively exiting the commercial passenger aircraft sector.

The deal with Mitsubishi, which has been seeking to break into aviation, comes after Bombardier recently sold a majority stake in its new medium-range C Series jetliners to Airbus, which has been renamed A220, and its Q Series turboprop line to a Canadian investment fund.

The sale of the 75- to 100- seat CRJ line -- along with its service and support networks in Montreal, Quebec City and Toronto; Bridgeport, West Virginia; and Tucson, Arizona -- is expected to close by the end of 2020.