TORONTO – Canadian plane maker Bombardier has a sold a majority stake in its C Series passenger jet business to European aerospace giant Airbus.
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The move comes after the U.S. Commerce Department imposed harsh duties on Bombardier, charging the Canadian company is selling the C Series planes in America below cost.
The U.S. recently announced it would impose an 80 percent duty comes on top of duties of nearly 220 percent.
Airbus Chief Executive Officer Tom said Monday night that the C Series acquisition extends the company’s product offering into a fast-growing market sector. The plane seats from 100 to 150.
Bombardier says having Airbus as a strategic partner will ensure the sustainability and growth of the C Series.
The program had been hurt by lackluster sales.