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Montréal --November 3, 2003-- Bombardier Inc. today announced the closing of the sale of its Military Aviation Services unit to L-3 Communications MAS (Canada) Inc., an affiliate of New York-based L-3 Communications Corporation and Canadian-based Spar Aerospace Limited.

The sale was closed for a total consideration of $87.4 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, announced on April 3, 2003. BMO Nesbitt Burns acted as Bombardier's financial advisors for this transaction.

This transaction received the approval of all appropriate regulatory authorities and 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, Québec and Bridgeport, West Virginia.

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 recreational products. It also provides financial services and asset management in business areas aligned with its core expertise. Headquartered in Montréal, 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 (BBD, BOM and BBDd.F).

 

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