Mitsubishi Heavy Industries has signed a deal to buy Bombardier Inc.'s regional jet business for $550 million.
The deal will help Mitsubishi to accelerate development of Japan's first domestically produced passenger jet.
The deal, under which Mitsubishi Heavy will also assume liabilities amounting to approximately $200 million, provides it with Bombardier's engineering team and sales network mainly in North America, one of the biggest markets for the regional jet business.
The transaction with the Canadian manufacturer is expected to close during the first half of next year, pending regulatory approvals, Mitsubishi Heavy said, Japanese media reported.
Mitsubishi Aircraft Corp., a subsidiary of Mitsubishi Heavy, has repeatedly delayed delivery of its Mitsubishi SpaceJet since 2013 due to design modifications. It currently aims to deliver the first unit in mid-2020.
"In combination with our existing infrastructure and resources in Japan, Canada and elsewhere, we are confident that this represents one effective strategy that will contribute to the future success of the Mitsubishi SpaceJet family," Mitsubishi Heavy President and CEO Seiji Izumisawa said in a press release.
Mitsubishi signed a Memorandum of Understanding (MoU) with a North American airline to commence formal negotiations regarding the sale of 15 SpaceJet M100 aircraft at the Paris Air Show 2019. Deliveries are scheduled to begin in 2024, the company said in a statement Wednesday
Mitsubishi Heavy is in talks to buy Bombardier's commercial regional jet business, a move that could provide it with technology and processes to complete the development of Japan's first domestically produced passenger jet. "It is true that we are in discussions relating to a possible transaction involving Bombardier's regional jet program," Mitsubishi Heavy Industries said in a statement
Mitsubishi Aircraft Corporation has received Type Inspection Authorization (TIA) from the Japanese Civil Aviation Bureau (JCAB) for the companys Mitsubishi Regional Jet (MRJ) program. This authorization allows Mitsubishi Aircraft to begin certification flight tests for its MRJ 90, first commercial jet from Japan
Aircraft maker Bombardier Inc of Canada has sued Japans Mitsubishi Aircraft Corp over claims that its former employees who went to work the Japanese firm passed on documents containing trade secrets. The suit filed in a federal court in Seattle last Friday, sought an injunction ordering Mitsubishi not to use "any proprietary Bombardier information misappropriated by any former Bombardier personnel" and to stop recruiting its employees to obtain such information, the Seattle Times said in a report Saturday
Former Nissan-Renault CEO Carlos Ghosn who is believed to have escaped from Japan hidden in a musical instrument case, was aided by four pilots and other airline staffers in Istanbul. Members of Gregorian music band arrived at Ghosn's Tokyo home where he had been living under strict bail conditions
Mitsubishi Aircraft has lost a deal to sell 100 SpaceJet M90 aircraft to US regional carrier company, Trans States Holdings (TSH) as the planes fail a US scope clause that limits the size of aircraft flown on regional routes and some other conditions. The Japanese manufacturer said its SpaceJet M90, which can seat about 90 passengers, "does not meet the requirements" of the American market
Mitsubishi Aircraft Corporation signed a Memorandum of Understanding (MOU) with US based Mesa Airlines to commence negotiations for the purchase of 100 Mitsubishi SpaceJet M100 aircraft for delivery commencing from 2024. The MOU was announced Thursday during a signing event at Mitsubishi Aircraft Corporation Americas booth during the Regional Airline Association (RAA) annual conference held, this year, in Nashville, TN, and targets 50 firm orders and purchase rights for an additional 50, a Mitsubishi release said
Mitsubishi Heavy Industries (MHI) will establish a new factory within its Nagasaki Shipyard & Machinery Works to manufacture aero engine parts along with launching new engine MRO service. MHI is anticipating continued growth of its aero engine business, and in establishing the new facility the Company looks to strengthen its global competitiveness by developing a highly advanced engine parts production line, to grow aero engines into one of MHI Group's core businesses
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